The Melbourne Racing Club insists it does not have to sell Sandown to fund the next stage of its Caulfield masterplan.
In a recent presentation to MRC members, chairman Matt Cain said there were financial alternatives to ensure the continued redevelopment of Caulfield's projected $250 million grandstand without the need to demolish Sandown for housing.
But he warned those options would likely burden the club with a balance sheet that would be swimming in red ink.
“We have a lot of ways to fund the development of this grandstand,” he said.
“Now the position that the board will need to take at the appropriate time is how much debt do we want to hold.
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