WE have reproduced this FORENSIC EXAMINATION of the FINANCIAL PICTURE confronting the BRISBANE RACING CLUB courtesy of ARCHIE BUTTERFLY and his wonderful subscriber-only site, peterprofit.com.
LGHR published this story because we know there is no chance of the mainstream Murdoch Media, especially their award winning racing scribe BEN DORRIES risking upsetting some of his mates at the BRC. We could say the same applies to his Editor.
Should the BRC wish to respond to the article below, we offer them unedited right of reply.
ARCHIE writes:
The BRISBANE RACING CLUB has reported a $4.7 million profit for the 2025-26 financial year, which is wonderful.
But are things as rosy as they seem?
For an outsider the money is hard to follow in the Annual Report BUT here are some of the key metrics of concern.
Last year the BRC had $15mn cash in the bank.
This year it has just $2.8mn, a fall of $13.1mn.
Last year the club had assets worth $202.3mn.
Now its assets are worth only $184.4mn, a drop in value of almost $18mn.
The BRC’s property income in 2025 was $17.8mn and its property expenses were $1.2mn, meaning that the club made around $16.6mn net from its properties, primarily the Ascot Village Shopping Centre, the childcare centre and the swim school.
IN 2026 the club’s property revenue plummeted to $10.9mn, and its property expenses climbed to $1.9mn, giving it in simple terms net revenue of about $9mn. Which is $7.6mn less than it was the year before.
Debt hasn’t gone down.
Last year the BRC owed $43.9mn. This year it owes $44mn.
So where has all the money gone?
I am buggered if I know. All that is obvious is it is no longer there in the bank or rolling in from the commercial properties like it was 12 months ago.
So how did the BRC manage to post such an impressive profit for the year?
That’s easy.
Because it received an additional $5.3 million in facility grants, which is presumably a gift from the Government.
The same Government that only two years ago wrote off a $6.3 million debt that the BRC owed it, thus permitting the club to record a profit in that year too.
Here is a simple fact though.
The Brisbane Racing Club had $30mn in cash and trade receivables coming in, and debt payable in the next five years of $70mn going out, meaning that its financial risk and maturity analysis read $40mn in the minus.
Today the club has $7mn in cash and receivables on the plus side of the ledger and $54mn on the negative, making its financial risk and maturity analysis $47mn.
In other words, the BRC looks to be $7mn worse off than it was at this time last year.
Ain’t that grand?
On the flip side, the club’s net asset position is $5mn better than it was the year before.
But that’s only because the value of its property and plant went up.
Here is the million dollar question though.
What if another Hendra Virus or COVID-19 hits and for a while shuts racing down?
Thanks to the foresight and wisdom of the great man Peter V’Landys, Racing NSW has $225 million tucked away to help it weather the storm.
How long will the BRC’s paltry couple of million last them?
Not very long at all.
Let’s hope the pokies stay open.
THE BUTTERFLY also posed an interesting question about ENTERTAINMENT, TRAVEL AND ACCOMMODATION COSTS recorded by the BRISBANE RACING CLUB:
He poses the question: HOW does a Brisbane-based race club spend $158,788 IN A YEAR on TRAVEL AND ACCOMMODATION EXPENSES for just EIGHT DIRECTORS?
WHERE DO THEY GO? WHY? WHERE DO THEY STAY?
You can bet your life it’s not at the YMCA.
I get that the Directors are Honorary – meaning unpaid – and that they attend a grand total of 11 Board meetings a year.
But that is their choice and they make it freely.
There is no need for the Board members to fund their swank travel and swish hotels.
That is my opinion anyway.
Surely this is almost $160,000 a year that could be much better spent.
