THE Gold Coast Turf Club Board will this weekend offer to lease their racing and training tracks to Queensland Racing in an 11th-hour bid to save the long-term future of Magic Millions and secure an upgrade of facilities.

The Gold Coast Bulletin reports that GCTC chairman Andrew Eggleston last night revealed the board had voted to offer to a `compromise proposal' to Queensland Racing which would see the club lease the course proper and training tracks to the governing body for $1 a year.

That would allow QRL to start their multi-million dollar upgrade of all racing facilities.

The sticking point would be equity, with QRL seeking ownership of the property.

In a win for owners and trainers, the board last night voted not to increase training fees yet.

Eggleston said he would run the proposal past QRL boss Bob Bentley this weekend.

"The board will offer Queensland Racing a lease on the whole racetrack, infield and training facilities for an upgrade on a long-term lease on a minimal fee of one dollar," he said. "This should avoid the equity issue."

Eggleston said the club would take control of the grandstands and bars which they would be in a position to borrow money to upgrade.

"The Gold Coast Turf Club would be then in a position to look at upgrading the facilities, such as grandstands, and we believe we would be in a position to borrow $20 million for an upgrade and we would service the debt ourselves," he said.

Eggleston said the proposal, which was the brainchild of the club's racing adviser Brian Fletcher, was an opportunity to break the deadlock between the two parties.

The turf club have refused to meet QRL because they do not want the governing body to take equity of the turf club.

It has created an impasse between the two bodies as well as Magic Millions, who want the club to agree to QRL's original proposal.

As a result, QRL has not allocated the Gold Coast a race date on Magic Millions day and the sales company has not signed a contract to race at Bundall.

"The proposal is a big move, it will help this process move forward," said Eggleston.

"We believe it is in the best interest of racing. We think it is a good option.

"The board will now be happy to meet with Queensland Racing."

STORY REPRODUCED COURTESY OF GOLD COAST BULLETIN.