The Queensland government has initiated the first phase of funding for a significant redevelopment project at the Eagle Farm Racecourse. An initial sum of $25 million has been allocated as part of a larger $100 million loan to support the demolition of the existing John Power Stand, a facility that has been deemed structurally unsound. This funding decision was announced by Racing Minister Tim Mander during a press conference held on Saturday.
The loan is part of the government’s broader strategy to enhance the state’s racing industry, which is valued at $2.5 billion. This initiative follows a comprehensive review of the racing sector, encompassing various codes. Mander emphasized the collaborative nature of the project, stating that the funding arrangements represent a partnership between Racing Queensland and the Brisbane Racing Club. He assured the public that taxpayers would eventually see a return on their investment, as this funding is structured as a loan.
While announcing the funding, Mander acknowledged the need for transparency regarding the loan’s terms, including interest rates and repayment timelines. He indicated that specific details are still being finalized, referring to the negotiations as matters of “commercial confidence” between the government and the Brisbane Racing Club. Despite some uncertainty, he reassured stakeholders that the funds will be repaid at an appropriate time.
The funding marks a pivotal moment for the Brisbane Racing Club, which has sought financial assistance for the grandstand upgrade for several years. Club chief executive Karl deKroo highlighted the urgency of the project, stating that the demolition of the condemned stand is scheduled to commence in August. He noted that the facilities at Eagle Farm, which has hosted racing for over 160 years, have significantly deteriorated, making the redevelopment essential for maintaining the venue’s standard.
Infrastructure Designation and Future Plans
In October, Planning Minister Jarrod Bleijie granted an infrastructure designation for the redevelopment, allowing the government to expedite the approval process without going through the Brisbane City Council. This decision has enabled a faster pathway for the necessary assessments and planning.
Documents associated with Bleijie’s decision include artist impressions of the proposed new grandstand, referred to as “The Terraces.” The architectural plans aim to modernize the spectator experience while respecting the heritage of the racecourse. A report conducted by Urbis outlined inspections of the John Power Stand, which was constructed in 1958. The report identified significant structural issues and advised that major components of the stand are nearing the end of their structural life.
The Urbis report concluded that the John Power Stand is considered the least significant of the existing grandstands at Eagle Farm, reinforcing the rationale for its demolition. This decision aligns with the club’s long-term strategy, which has been in place since the merger of Eagle Farm and the Doomben racecourses in 2009.
The Brisbane Racing Club has demonstrated financial stability, reporting a profit of $2.1 million for the 2024-25 fiscal year, along with net assets close to $105 million. The redevelopment of the grandstand is anticipated to enhance the facilities and draw more spectators to future racing events.
With the first allocation of funds now secured, the Eagle Farm redevelopment project is poised to move forward, promising to revitalize one of Queensland’s iconic racing venues while ensuring the safety and comfort of its patrons. The government and the racing community are optimistic about the future of the industry, as they work together to bring this vision to fruition.
