The agreement could have implications for the Melbourne Football Club’s proposal to build a $100 million training and administration base at Caulfield Racecourse.
The Melbourne Racing Club has agreed to sell a $195 million parcel of land at Caulfield Racecourse to Mount Scopus Memorial College for the Jewish private school to build a new campus.
MRC chairman John Kanga said the club had been negotiating with the college, which intended to build a new campus on the site, for more than 12 months and had engaged consultant Ernst & Young as part of a review process.“It will benefit not only the school and its students, but also have a positive impact on local residents and the broader community,” he said.
Kanga said the MRC’s ability to clear its debt was not only a win for the club but also the racing industry, which was suffering from a significant downturn in wagering turnover. Kanga said the new MRC committee would reverse the policies of the previous committee by continuing to race at Sandown, shelving a costly, and what he considers “unnecessary”, plan to build a new Caulfield grandstand, and moving the Caulfield mounting yard back to what he sees as its “rightful position” in front of the grandstand.
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