Victoria Racing Club board incumbents Neil Werrett, Sophie O’Kane, Michael Ramsden see off challengers

The Victoria Racing Club board was returned unchanged in a massive show of faith by members after the club announced another massive loss last month.

VRC chairman Neil Wilson. Picture: Vince Caligiuri / Getty Images

The Victoria Racing Club board was returned unchanged in a massive show of faith by members after the club announced another massive loss last month.

Neil Werrett, Sophie O’Kane and Michael Ramsden were re-elected for another term at the club’s annual general meeting on Tuesday, seeing off challengers Stephen Hewitt, Paula Sullivan and John Wise.

The VRC posted a $24.2m deficit for the recent financial year, taking the club’s losses to more than $70m for the past four years.

The club is also undertaking a major restructure to turn its finances around with up to 40 jobs cut.

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VRC chairman Neil Wilson said he was confident a new broadcast agreement with the Nine Network would improve the club’s bottom line.

“As a result of the media rights and sponsorship agreement and other cost and revenue improvements, the club is now forecasting record revenue and profit levels and a significant reduction in our debt in the coming years,” Mr Wilson said.

The VRC enjoyed a bumper Melbourne Cup carnival with 285,675 spectators attending the four meetings at Flemington.

However, the club has a $72.5m debt, which was revealed in its annual report released last month.

Membership jumped to a record 34,240 but the VRC’s revenue remained stagnant at $216.6m and expenses rose to $222.2m.

Originally published as Victoria Racing Club board incumbents Neil Werrett, Sophie O’Kane, Michael Ramsden see off challengers