The Courier & Advertiser (Angus and Dundee)
Racecourse’ s deal could guarantee long-term future
A“transformational” deal that would guarantee the future of racing at Perth Racecourse “for the next 100 years” is close to completion.
Perth Hunt Club is in advanced discussions with Scone Estates over plans which would increase investment at the racecourse, secure jobs and guarantee the continuation of racing for another century.
The proposal, if accepted, would see all current Perth Hunt Club debts paid off, with a new company set up by Scone Estates to run Perth Racecourse and hotel.
The company would be supported by a 10-year investment plan, retaining all staff and enhancing benefits for annual members.
Perth Racecourse chief executive Hazel Peplinski, who is stepping down at the end of the year, said the deal would “insulate the racecourse against the various economic headwinds” such as inflation and the cost of living.
“By wrapping the racecourse management into the larger entity of Scone Estates, this would insulate the racecourse against the various economic headwinds such as a possible recession, cost-of-living crisis and various specific challenges within the horse-racing industry, such as the Gambling Review and racing industry rulesdriven capital expenditure,” she said.
“As a landowner that also focuses on tourism and leisure, Scone Estates can realise efficiencies and synergies for the racecourse which The Perth Hunt Club as a separate tenant could not.
“I am due to step down as the CEO at the end of this year and to secure the racecourse’s future in this way would be very fulfilling for me personally.
“Perth is a wonderful racecourse and deserves nothing less.”
Perth Hunt has run racing on parkland leased from Scone Estates since 1908, with the current deal due to expire in 2036.
The club had approached Scone Estates earlier in the year about modernising its governance structure, before Scone Estates came forward with its own proposal of bringing the racecourse into the Scone Estates masterplan which encompasses events, leisure and tourism.
The deal will be presented to Perth Hunt Club at the AGM on July 18.
A Perth Racecourse spokesman said: “Discussions around that proposal have since been advanced positively with Heads of Terms now being finalised.
“Due diligence will be essential, which typically takes some time, and negotiations are still to be concluded. During this process, which will be dealt with accurately and as swiftly as possible, it should be understood that information will be of a sensitive nature with a further announcement to be made when appropriate.”