VRC back in black as board elections loom

Victoria Racing Club has broken its long sequence of annual deficits to record its first profit since 2020, with a $5.4 million net result revealed.

The VRC spruiked its positive result, which comes after a five-year run which saw the club lose $78 million between 2020 and 2025, in Nine media mastheads on Monday.

The result appeared in both The Age and the Australian Financial Review, but the full annual report is yet to be distributed to members or made publicly available.  

Outgoing chairman Neil Wilson confirmed that the club has executed a $12.6 million turnaround in its fortunes in the space of 12 months after a $7.2 million net loss in 2024/25.

He also said that EBITDA had reached a record $23.9 million, while total debt, including $10 million owed to Racing Victoria, had been reduced from $67.5 million to $52 million.

Wilson told The Age that the fact the club’s books were “in good shape” had driven his decision to leave the board after 14 years, having served as chief executive from 2017 to 2020 and as chairman since 2020.

“And I’ve got some opportunities that are emerging, and I just felt all of that combined, as long as the VRC was in good shape … it was the right time for me to move on,” he said.

Vin Cox has been appointed as Wilson’s successor, after what has been reported as a contested battle between him and vice-chairman Michael Ramsden.

Cox is one of three candidates up for re-election at December’s annual general meeting along with Michael Saadie and Glenn Carmody.

Wilson’s departure means that there will be four positions on the 11-person board up for election in December.

Nominations are expected to open shortly and close during Cup week, before the matter goes to a members’ vote.

The fact that the board may have a significant refresh has prompted questions as to whether the club should have waited to appoint a new chairman.

But in his media interview Wilson has backed the decision and the rights of current chief executive Kylie Rogers to vote on who the future chairman may be.

Since taking over the role in 2024, Rogers has led a strategic change which included a round of redundancies, a new-look executive and changes in key hospitality and beverage suppliers.

The club also signed a six-year media deal with Nine earlier that year, said to be worth $100 million, under previous CEO Steve Rosich.

Speaking to The Straight earlier this month, Cox said the VRC was in a much stronger position than when the pandemic had cut a swathe through the club’s revenue model just two years after it had taken on considerable debt to build the $128 million Club Stand.

“I’m very fortunate to be at the back end of some very bold decisions that our board made during that journey, and to put us in the position that we’re in now,” he said.