AN investigation instigated in August into financial irregularities at Wangaratta Turf Club has revealed around $1.5 million is still owed to creditors.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The facility recently underwent a $6.5 million plus redevelopment which was officially opened in October.
While there had been speculation about a cost blowout, the full extent had been unknown until this week.
The club has also held preliminary discussions with Victoria Police around certain areas of its operations.
Racing Victoria and Country Racing Victoria will loan the WDTC the money to repay creditors.
In a statement released by Racing Victoria the probe also identified:
"All major capital works at the Wangaratta racecourse, including the subject to government funding applications, have been completed and are available for the benefit of the WTC and local community into the future," the statement said.
"There was a cost overrun on the major capital works undertaken owning to additional unplanned activities.
"The WTC requires a loan from RV and CRV to pay remaining suppliers, as well as ensure the immediate financial security of the WTC is not impacted as a result; and
"The suppliers who are owed money are actively engaged with the WTC and can expect a timely resolution from the loan arrangement."
IN OTHER NEWS
Long time Wangaratta trainer, John Ledger, said the investigation revealed what many industry participants had suspected.
"It's not surprising and pretty much what we knew for a long time but nobody wanted to disclose anything or talk about it," Ledger said.
"At least now it is out in the open and plans can be put in place to rectify it.
"The facilities at Wangaratta now are fantastic and the equal of anywhere in country Victoria.
"There is going to be a bit of short term pain but in the long run racing in North East Victoria is only going to benefit.
"There is no use dwelling on what's happened, the club just has to deal with it, move on and have a positive outlook in regards to the future of the club."
The club has been the recipient of more than $4 million in state government and industry funding to bankroll major improvements.
Long-serving chief executive Paul Hoysted resigned mid-year citing personal reasons.
