Collingwood have joined the recent trend of clubs exiting the gaming industry, with the formal sale of its entire gaming operation to the Melbourne Racing Club (MRC) completed last Friday.
The Pies sold them the licences for The Coach and Horses in Ringwood and The Club in Caroline Springs, which totaled 156 gaming machines that were included in the sale.
The deal was announced in July, but was officially completed last Friday.
“Collingwood has been in a strong financial position but, as of Friday, it is in an even stronger position with the sale of the venues and gaming machines,” Collingwood President, Eddie McGuire told collingwoodfc.com.au.
“The significant funds flowing from the sale will be put to a Future Fund that, with the continued support of members, will secure Collingwood’s future as a strong, independent and progressive sports club.
“We view this as a prudent commercial decision but also a strategic initiative that allows us to intensify our focus on our responsibilities – Collingwood fans, elite sporting performance and community – and pursue new and different opportunities for growth.”