The Pakenham Racing Club (PRC) is now able to go ahead with their plans to build a first-class racing and training facility at Tynong, after they officially sold the Pakenham Racecourse last week.
The Pakenham Racecourse, which will conclude racing in 2013, was sold for $38 million to Victorian developers, The Corcoris Group (TCG).
The sale of the current course will now allow the PRC to fund the $44 million Tynong racing centre’s first stage of development.
PRC Chief Executive, Michael Hodge, is thrilled with the sale of Pakenham Racecourse.
“We are very happy with the sale, as it means we can fund the entire Stage 1 without compromise,” he said.
“This includes a 2400 metre grass track, $8 million event centre, horse tunnel, two sand tracks, fully roofed raceday and training stalls and Stage 1 Trainer Allotments.”
Mr Hodge is optimistic that the new racecourse will be ready by early 2013.
“Whilst racing begins at the new course in August 2013, we now expect to vacate the current 60 acre site in March 2013, at which time, all horse training operations will commence at the new course,” Mr Hodge.
Minister for Racing, Denis Napthine, feels that the new race track will be beneficial for everyone involved.
“The new racecourse to be built by the Pakenham Racing Club is a massive boon for Victoria’s racing industry,” Dr Napthine said.
“The new facility will be world class, providing unbridled opportunities for trainers, jockeys, owners and racegoers alike.”
Chief Executive for Racing Victoria, Rob Hines, says the new Tynong Racecourse is necessary to sustain Victoria’s rising horse population.
“Racing Victoria welcomes news of the sale of the Pakenham Racecourse and looks forward to working with the Pakenham Racing Club as it embarks on the construction of its new racing and training facility at Tynong,” Mr Hines said.
“This represents a unique opportunity for the Pakenham Racing Club to build a state-of-the-art facility that will service a large horse population in Victoria’s south east and showcase the racing industry to the vibrant and growing communities in the region.”
The new racecourse and training facility will be set on 608 acres of land at Tynong.