Auckland Racing Club Signals Bold Change

FOR IMMEDIATE RELEASE

- Auckland Racing Club Signals Bold Change with Worldwide Search for New CEO of $60 Million Organisation

- Board of NZ's Premier Racing Club Embarks on 5 Year Strategic Plan, Mirroring Successful Rebranding Efforts by Racing Clubs Offshore

AUCKLAND, 25 November 2003 - The Auckland Racing Club, the premier racing organisation in New Zealand, today launched an international search for a new Chief Executive Officer, following the announcement of the retirement of Chief Executive, David Lloyd.

According to Auckland Racing Club Chairman, Lyn Stevens QC, the new Board, elected less than 4 weeks ago, is developing a 5 year strategic plan to take the Club forward. "The new CEO will play a critical role in implementing the strategic plan which is expected to be signed off by the Board shortly," he said. The review by the Auckland Racing Club follows highly successful rebranding exercises by major clubs around the world, including the leading Australian club, the Victoria Racing Club.

"We have been very impressed with the new brand strategy of the Victoria Racing Club which has been progressively rolled out this year," said Mr Stevens. "The development of the new grandstand at the Flemington race course with outstanding venues and functions capabilities along with the growth and success of the Melbourne Cup Carnival, shows that Flemington is much more than just racing or a racecourse."

"We look to these international success stories as the Auckland Racing Club embarks on a new business strategy to target a younger audience and increase membership numbers. We will also work more closely with key stakeholders such as owners, trainers and breeders, as well as other racing clubs in New Zealand," he said.

Outgoing Chief Executive, David Lloyd, will be retiring at the conclusion of the race meeting on 17 Jan, 2004, during which the Club will acknowledge his contribution to racing. "David has been a part of the thoroughbred racing industry for 32 years, ten of those years with the Club. He has made a significant contribution to the industry. David will be pursuing personal interests and the Club wishes him the very best for the future," said Mr Stevens.

About the Auckland Racing Club

Established in 1874, the Auckland Racing Club is the country's premier racing club headquartered at the Ellerslie racecourse, the show place of the thoroughbred racing industry.

The Auckland Racing Club hosts 26 race days throughout the year with stakes and trophies totalling $6.5 million, the highest of any club in New Zealand. Total revenue in 2002, including on-course and off-course betting, amounted to more than $60 million. The combined assets of the Club, worth more than $50 million, include the award winning Ellerslie Convention and Function Centre.

More information on the Auckland Racing Club is available at http://www.ellerslie.co.nz.

ENDS

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