Three years after failed buyout bid, Hutchison closes in on RSN takeover

SEN chief Craig Hutchison is on the verge of taking control of the Victorian racing industry’s beleaguered radio station Racing & Sport Network.

The deal would give Hutchison’s business access to live coverage of the state’s three racing codes – thoroughbreds, harness and greyhounds – just three years after his failed bid to buy the station, according to two sources not able to speak publicly about negotiations.

Craig Hutchison at Sports Entertainment’s offices.Credit: Joe Armao

The sources said it was unlikely that money would change hands because it was not a buyout but an agreement for Hutchison to run the station, including staffing, programming and content.

They said the bonus for the racing industry was that the station, known as RSN, would survive, and the industry would be guaranteed continued radio coverage of its sport while not having to finance an ailing station. Hutchison would collect any profit from advertising and wagering deals.

Racing Victoria outbid Hutchison when RSN was last up for grabs in 2021. The controlling interests were sold to RV by Melbourne’s three metropolitan racing clubs and Country Racing Victoria. At the time RSN was valued at $7.5 million.

As a result of that buyout, RV owned 73.25 per cent of the station, Harness Racing Victoria owned 18.75 per cent and Greyhound Racing Victoria owned 8 per cent.

But the two sources said RSN’s value plummeted after Tabcorp withdrew its $3 million annual sponsorship of the station in August last year – brought on by the end of the joint venture between the wagering giant and the Victorian racing industry.

Hutchison, who is the second-largest shareholder at SEN owner Sports Entertainment Group, already operates SEN Track, a subsidiary station established in 2020 to focus on racing.

SEN Track drives revenue through partnership deals and advertising from wagering firms, an approach Hutchison would be expected to bring to RSN.

But the two sources said it was unclear how Hutchison would manage SEN Track alongside RSN if he were to take control. Both stations have different audience demographics.

When contacted for comment on Thursday afternoon, the RSN board said the radio station had not been sold but refused to confirm or deny that it had been speaking with Hutchison.

“Like any business, RSN is continually exploring future commercial and strategic options to ensure the future success of the business. This is good practice and not unusual,” the board said in a statement.

“As part of this, RSN is engaging with various external parties on opportunities going forward, including wagering operators, advertising partners, other racing bodies and media companies.”

Hutchison was also contacted for comment.

In December last year, Racing Victoria chief executive Aaron Morrison said he was streamlining the industry’s media and broadcast businesses, which included Racing.com and RSN.

RSN had formed a short-term partnership with Bet365, two sources said.

Sports Entertainment Group, which turned a handsome profit on the staged sale of NBL team the Perth Wildcats in 2024, has also purchased niche sports news and commentary site theroar.com after clearing its debts.

Last week, the company announced it was walking away from its two New Zealand-based basketball teams, marking an exit from the country after selling off SENZ in 2024.

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