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Media Release - Metropolitan Racing - Brisbane
The Board of Queensland Racing Limited (QRL) has agreed, subject to the conditions set out below, to establish a new policy to replace the policy, Metropolitan Racing Policy – Brisbane, following a scheduled meeting with the nominated Mergeco Directors today.
The Board has agreed that the new policy will deal with the amalgamation of both the BTC and QTC and not the sale of Doomben.
The development and implementation of a new policy will only occur on the basis that the following undertakings are provided by the Boards of the BTC and QTC:
- Work cooperatively to settle all necessary merger documentation by the end of June, 2007;
- Undertake the necessary due diligence by the end of June, 2007;
- Actively promote to each membership group and other stakeholders the need to amalgamate;
- Actively refute, and where applicable in writing, any public statements designed to be a barrier to an amalgamation;
- Facilitate necessary forums designed to promote an amalgamation;
- As a matter of urgency, develop and publish a timetable for the amalgamation, which is to include a members’ vote by not later than September 30, 2007;
- Each to meet the agreed capped amalgamation costs.
QRL Chairman, Bob Bentley today said: “This is not a decision taken lightly by the Board as we firmly believe that the industry must continue to position itself for improvement.”
“Equally though, after meeting with seven of the eight nominated Mergeco Directors today, it is apparent that it will be difficult for the Clubs to facilitate a merger with the current policy in place,” Mr Bentley said.
“We have said all along that an amalgamation must occur to enable the Clubs to move forward. All nominated Mergeco Directors present today indicated that they were in favour of a merger.
“QRL now wants to see that commitment put into action and for those reasons will seek agreement from both Club Boards to the above undertakings prior to introducing a new policy.
“The ball is clearly in the court of the Clubs and if they are serious about an amalgamation, QRL is prepared to work through the process of introducing a new policy.”
QUEENSLAND Racing media release: April 13
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