THE story LGHR reproduced courtesy of ARCHIE BUTTERFLY on his website www.peterprofit.com has been responded to by the Chairman of the Brisbane Racing Club Richard Morrison which we appreciate.
Mr Morrison wrote:
‘You wrote a column this week questioning financial information contained in the BRC Annual Report.
It is not our normal practice to conduct discussions publicly and this position will not change going forward. However, I previously offered the opportunity for you (LGHR) to contact me or the club should you have any queries on matters relating to the BRC. On that basis the BRC has prepared this brief statement:
‘THE Brisbane Racing Club has been one of Australia’s most proactive and successful racing clubs in regard to diversifying revenue streams.
The BRC is more than a decade into a masterplan that has already yielded significant returns from residential and commercial property investments along with sustained revenue from licensed clubs, which all supports the delivery of racing, training and stabling at Eagle Farm and Doomben.
The BRC’s financial statements have been independently audited by BDO, which issued an unqualified opinion, with no high or medium-rated control risks identified.
The Board and management remain focused on prudent financial management and will continue to report transparently through the Annual Report, AGM and regular Member communications.’
Mr Morrison also advised that preliminary work for the new Eagle Farm grandstand is progressing well and monthly reports will be made to Members on its progress. He said there would be provision in this new grandstand for use by the general public. Apart from a Government percentage commitment a large majority of the cost of the new facility is being met by the Brisbane Racing Club.
LGHR also received the following feedback on our story on the BRC financial report published courtesy of peterprofit.com:
‘AS a long-time Member of the BRC, who shall remain nameless, I can assure you that the majority have no problem with the present spending by Directors on Travel and Entertainment.
This cost has levelled out the past two years after getting somewhat out of hand – tens of thousands more than it is at present I understand – than it was when Neville Bell was Chairman of the BRC.’
AND this one:
‘THANKS to Archie Butterfly for his forensic examination of the BRC annual report (which I understand some Board members are challenging the correctness of).
What the racing industry would like him to do is look at the control body, Racing Queensland, examine its costs and provide for us how much some of the heavies, like Interim CEO Lachlan Murray and his First Lieutenants are being paid.
The Courier-Mail does not seem to want to delve into this sort of information which stakeholders rely on to have any confidence in the people who are being paid plenty to run racing in Queensland.
One thing we don’t want to see occur is Sydneysider Matt McGrath continue his Chairmanship of RQ beyond his current two-year tenure and there are growing concerns within the industry that he has desires to become an Executive Chairman despite his denials. This would be an absolute disaster for the sport in Queensland.’
