Racing in NSW and Victoria Enter Historic Media Rights Agreement / 14 Jun, 2012

A statement from the Chairman of TVN, Harold Mitchell AC

“Following extensive consultation and negotiation, I am pleased to announce that the media rights to all thoroughbred racing in NSW, incorporating the Australian Turf Club and Provincial and Country NSW, will be assigned to the thoroughbred industry owned media company TVN.

This landmark agreement is subject to due diligence, shareholder and regulatory approvals.

“As a consequence, TVN will hold the rights for Australia’s premium racing content, that being Victorian and NSW thoroughbred racing, until 2028. This decision is the culmination of more than seven years of work by the TVN Board and Management, in conjunction with its shareholder clubs in NSW and Victoria. More recently, the involvement and support of the governing bodies Racing Victoria and Racing NSW, has been vital to achieving this outcome.

“It is intended that a new Board and management structure will be established for the new era at TVN with both Principal Racing Authorities having representation on the TVN Board. It is expected that a transition to the new board and structure will be completed by the end of July, at which time the current board will step down.

“TVN and its shareholder clubs have been world leaders in establishing a sporting industry owned media company. In Australia and around the world, sporting authorities and their clubs are now following the principle of controlling their own media. Internationally, famous names like Manchester United and Chelsea FC operate their own TV channels and specifically here in Australia, the AFL and other major sporting codes have foreshadowed their intentions to establish media companies in their own right.

“The decision to aggregate the NSW and Victorian rights is clearly a significant step taken by racing and it will underpin the future stability and growth of the sport. There are expanding opportunities for TVN’s premium Australian racing product internationally, particularly in the Asian time-zone. The exploitation of these aggregated media rights will now ensure that the financial returns to thoroughbred racing are maximised. This was the reason TVN was created.

Commenting on the announcement Racing NSW CEO Peter V’Landys said, “This agreement provides the entire NSW thoroughbred industry with a vital opportunity to improve wagering outcomes in the future. It must not be forgotten that wagering is the prime source of revenue for racing and this agreement will assist to maximize this return.”

Racing Victoria CEO Rob Hines said, “The unified approach that Racing Victoria and Racing NSW have taken to bring together all of the parties in this important outcome, bodes well for the future. In addition, thanks to Harold Mitchell and his team for the leadership they have shown in securing this valuable asset.”