The former AFL boss steps into a business that feels like it’s in a perpetual turnaround. He could end up looking like a hero, but the odds are not on his side.
Already a subscriber?Like a long-suffering punter down on their luck, ASX-listed wagering group Tabcorp is chasing its losses with a high-risk, high-reward bet on a new CEO:
One of the biggest criticisms of this company is that it has lacked tech and wagering experience. And instead of filling those gaps, say with an appointment of a seasoned wagering executive from Australia or overseas, chairman Bruce Akhurst has made what will be seen be some as a classic boys’ club appointment. McLachlan as a director would have made sense. But making him CEO is a huge call.This is also a big risk for McLachlan.
Second, McLachlan is unquestionably a deal maker. Big media rights deals are notoriously tricky given the multiple parties involved, andwill likely stand as a high-water mark for Australian sporting codes, at least for a while. Taylor Collison’s highly regarded gaming analyst Andrew Orbach says McLachlan’s relationship with Racing NSW chairman and NRL boss Peter V’landys could help get a deal over the line.
With the caveat that he won’t start until early August, McLachlan says he wants to examine how the digital and retail parts of the business are working together, how to increase the reach of the media business internatinonally and domestically, and how to increase Tabcorp’s exposure to sports betting, given its traditional focus on racing.
McLachlan also acknowledges he has a steep learning curve when it comes to operating in a listed environment, but says there should be some parallels in dealing with investors as in dealing with 15 million AFL fans who all believe they know what’s best for the game.
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