BRC incumbents hold all three board seats as challengers miss out again

Brisbane Racing Club (BRC) chairman Richard Morrison, vice-chairman Terry Svenson and director Jennifer Creaton have been re-elected to the club’s board after a contested vote at Wednesday’s annual general meeting at Eagle Farm.

The three incumbents beat off challengers Michael Rapkins and Cheryl Ahchee, the same pair who ran unsuccessfully when the board was returned unchanged last year. Five candidates had nominated for the three seats this time around.

The club said more than 80 members and invited guests attended the annual general meeting and Morrison thanked Rapkins and Ahchee for standing.

The club reported Group revenue of $89.7 million and net profit of $4.7 million. The annual report puts total comprehensive profit at $4,647,040, up from $2,185,361 in 2024/25.

The headline revenue figure was little changed on the prior year’s $89.1 million, and operating revenue fell from $88.1 million to $83.2 million.

Morrison attributed part of the improved result to final settlements in Charlton House, the third residential building in the Ascot Green joint venture with Mirvac, alongside gains in racing operations and licensed clubs. The BRC said underlying earnings before interest, tax, depreciation and amortisation (EBITDA) improved on both budget and the prior year.

Members were also briefed on the redevelopment of the Eagle Farm spectator precinct.

The Queensland Government has committed an initial $25 million from the Racing Infrastructure Fund towards replacing the John Power Stand, the 4000-capacity facility built in 1957. The annual report has demolition starting in the second half of this year and finishing by February 2027, with an upgraded St Leger Lawn precinct due by March 2027.

Racing and scheduled black-type races continue at Eagle Farm through construction. Morrison said the board’s task was to balance the major build against the club’s balance sheet and the growth of its racing and hospitality businesses.

“The redevelopment of Eagle Farm is an important part of that future. Our priority is to ensure we deliver facilities that our Members and the wider racing community can be proud of, while maintaining the long-term financial strength of the Club,” he said.