Racing officials today hailed the formal agreement of the aggregation of media rights in New South Wales and Victoria as a landmark day for Australian racing.
Documents were signed today that now will see TVN, the racing industry-owned multi media company, control the media rights of all thoroughbred clubs in NSW and Victoria.
TVN chairman Harold Mitchell, AC, today announced that the formal agreement had been signed off after months of due diligence, shareholder and Racing NSW regulatory approval.
Under the agreement, TVN will hold the rights for Australia’s two most influential racing States - New South Wales and Victoria - until 2028.
Mitchell said the decision is the “culmination of almost eight years of work by the TVN Board and management, in conjunction with its shareholder clubs in NSW and Victoria”.
He added the agreement will now “ensure that the financial returns to thoroughbred racing are maximised."
“The involvement and support of the governing bodies, Racing Victoria and Racing NSW, has been vital to achieving this outcome,” Mitchell said.
“A new Board and management structure will be established for the restructured TVN, with both Racing NSW and Racing Victoria having representation on the Board.
“The current Board will step down at an appropriate time in the New Year, when a new board will be formed.
“The decision to aggregate the NSW and Victorian rights is clearly a significant step taken by racing and it will underpin the future stability and growth of the sport.
“There are expanding opportunities for TVN’s premium Australian racing product internationally, particularly in the Asian time-zone.
“The exploitation of these aggregated media rights will now ensure that the financial returns to thoroughbred racing are maximised.
“This was the reason TVN was created.”
Racing NSW Chairman, John Messara AM, described the agreement as “the most meaningful partnership” in the long history of NSW and Victorian racing.
Messara said the new structure would ensure that TVN showcases “our racing product in an optimal fashion under new advertising and editorial policies.”
“While we have taken considerable time to finalise these important arrangements, the racing industry can be assured that we are united in our quest to fully exploit racing’s valuable media assets in the best interests, of our wonderful industry,” Messara said.
Racing Victoria Chairman, Michael Duffy described today’s announcement as vindication for everyone who believed in the “principles behind the initiative to form TVN years ago.
“As an original member of the TVN Board, I have seen TVN develop from a concept, to a fledgling television channel, to today when it is a multi-media sporting business offering print, television, digital and mobile services,” Duffy said.
“The basic principle behind TVN has always been that racing must control its own media assets. As a result of today’s announcement, the Victorian and NSW thoroughbred racing industries have achieved that outcome.”