Qld hands over first $25m for Eagle Farm grandstand before loan terms are signed

2 months ago 15

The Queensland government has announced the first instalment of a $100 million loan for the state’s richest horse racing club to redevelop an ageing spectator stand, before the loan’s terms have even been agreed.

Racing Minister Tim Mander announced on Saturday an initial $25 million would be handed over to fund demolition of an existing stand at the Brisbane Racing Club’s Eagle Farm racecourse.

An artist’s impression of the proposed new grandstand to replace the John Power Stand at Eagle Farm.

The commitment was made as part of a government plan, released late last year, for the $2.5 billion racing industry, following a major review across several codes.

“The construction and the funding arrangements are a partnership between [industry control body] Racing Queensland and the Brisbane Racing Club,” Mander said at a media conference on Saturday.

“Queensland taxpayers will eventually receive this money back because it’s a loan, and we want to make sure that taxpayers’ money is respected and that we get good value.”

Asked when the money would be returned, and details of any interest payments, Mander said the arrangements were still “being worked through”.

Queensland Sports Minister Tim Mander (right) and Deputy Premier Jarrod Bleijie, who has given the Eagle Farm project a Ministerial Infrastructure Designation.

“Those things are commercial confidence as well, obviously, as we’re dealing with Brisbane Racing Club,” he said, adding it was not “the norm that we’d be asking for this type of money back”.

“But rest assured that this money will be repaid, and it will be repaid at a time that we think is appropriate.”

Mander said the club had been “asking for funding for the upgrade of this grandstand for years” but had been “given false promises” by the former Labor government.

Club chief executive Karl deKroo, appearing with Mander, said the funding would enable demolition of the condemned stand – one of several on the site – to begin in August.

“Over 160 years, racing has been conducted here at Eagle Farm. Unfortunately, some of our spectator facilities are well past their use-by date, including the John Power Stand,” deKroo said.

Planning Minister Jarrod Bleijie made an infrastructure designation for the redevelopment in October, enabling government to assess the plans rather than Brisbane City Council.

Documents attached to Bleijie’s decision feature artist impressions of the proposed new grandstand – dubbed “The Terraces” – at the heritage-listed racecourse.

A report by Urbis also detailed consultant engineers’ investigations – dating back to 2013 – into the condition of the 1958-built stand, which found significant structural problems and recommended repairs.

Updates to that work in 2022 and 2023 “confirmed the poor condition of the building, and advised that major components of the building are approaching the end of their structural life”.

“The John Power Stand is considered the least significant of the grandstands ... and this is why (among other reasons) its demolition is proposed as part of this request”, Urbis concluded.

Brisbane Racing Club has owned and run both the 50-hectare Eagle Farm racecourse and the neighbouring 35-hectare Doomben course, plus development of a related masterplan, since a merger in 2009.