Moonee Valley AGM welcomes McGrath to committee as club’s 2025/26 accounts go to members
The confirmation of Michael McGrath’s appointment to the Moonee Valley Racing Club committee and the club’s 2025/26 annual report were on the agenda at this week’s annual general meeting.
Businessman Michael McGrath has officially joined the Moonee Valley Racing Club (MVRC) committee at Tuesday’s annual general meeting, replacing Su-Ann Khaw after her nine-year tenure.
MVRC chief executive Michael Browell declared McGrath and returning committee members Peter Blunden and Anthony Durakovic elected unopposed to the three available positions.
The club’s rules require three committee members to retire by rotation annually.
The club’s 2025/26 annual report, released in October, was also presented to the meeting, with a $9.052 million surplus, reversing a $7.514 million loss the previous year.
The Moonee Valley Park development generated an $8.1 million operating profit and $55 million in cash distributions to the club, which were applied towards funding the racecourse redevelopment.
Racing activities delivered a $7.4 million surplus, down from $8.3 million, while hospitality and gaming contributed $7.5 million, up from $7.4 million.
Cash holdings fell from $13.939 million to $1.674 million, largely reflecting investment in the racecourse rebuild.
The financial year under review took in the 2025 Cox Plate carnival, the last meeting before works began, and the club’s first months as a hosting-rights club.
In his Cox Plate racebook welcome last month, chair Adam Lennen said the project was “on schedule for a return to racing in the 2027/28 season”. However, the permanent grandstand will not be ready for that return.
Racing Victoria said a completed grandstand was not an automatic requirement for premier meetings, but alternative facilities must meet operational requirements and customer, owner and participant expectations.
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