Collingwood and the Melbourn Racing Club have finalised terms for the sale of Collingwood’s gaming operations.
The MRC has agreed to purchase the licenses for tow venues. The venues are the Coach and Horses in Ringwood and The Club in Caroline Springs. They have 156 combined gaming machines under the terms of the binding, conditional transaction documents.
Collingwood have immediately exited from the gaming industry and have done so with a purpose. The sales are part of a strategic repositioning of the Collingwood business. Settlement is anticipated to occur in October of this year.
In 2017, there was an extensive review on Collingwood’s operation.
This is a prudent commercial decision, one that will strengthen the Collingwood balance sheet significantly,” said Collingwood President Eddie McGuire.
“The forensic review of the entire Collingwood operation last year, and the ‘Forever’ blueprint which came out of it, gave us greater clarity and a renewed sense of purpose but also identified numerous opportunities.
“The decision of the board to sell our gaming operation and some of our hospitality interests will allow us to intensify the focus on our core responsibilities – Collingwood fans, elite sporting performance and community – but also enable us to pursue new and different possibilities for growth.
“Collingwood is in a strong financial position, with net assets of $32 million, and with the continuing support of its members will be in an even stronger position with this sale. It is the right time for Collingwood to be making this move.”