Agreement reached over Forbury Park sale

An agreement has been reached between the two major parties involved in the sale of Forbury Park in Dunedin.

After much discussion the Forbury Park Trotting Club and Harness Racing New Zealand (HRNZ) have decided how the funds from the sale will be managed.

The Dunedin City Council purchased the 12-hectare South Dunedin site in February this year for $13.2 million, after the final race was held at the venue in July 2021. The total income from the sale of the Forbury land was $14.405 million (including the sale of a smaller portion of land in 2023 to the Ministry for Education).

“HRNZ has a protocol for any racing assets it acquires and in this case the Property Investment Strategy will see us investing the net funds (after the sale costs and payment to the Club) and then using the income generated for the betterment of racing,” says HRNZ’s Chief Executive Officer Brad Steele.

“It has taken us a while to get to this point,” says Forbury Park Trotting Club Chairman Lex Williams, “The Club is pleased to invest its share of the sale proceeds and will use the income generated for racing initiatives in the Otago region.”

There will be two funds set up: comprising a fund in the Club’s name and a fund for most of the sale proceeds. New committees will be set up to oversee these two funds.

“We would imagine that a number of parties will make applications for the interest generated from the investment of the large fund”, says Steele. It is envisaged that there will be interest from the Clubs.

The Forbury Park Club fund will be managed by a committee of one Forbury Park Member and one from HRNZ. The interest from this fund will be used for the promotion of the Club or Harness Racing in the region.

For more information contact brad.steele@hrnz.co.nz

From Harness Racing New Zealand