QUEENSLAND RACING TO PASS ON WADHAM PARK

By Graham Potter | Monday, June 15, 2009

Queensland Racing has decided to pass on its option to purchase the Wadham Park complex near Canungra.

The brief statement issued today by Queensland Racing reads: ‘The chairman of Queensland Racing Limited (QRL) Mr Bob Bentley today confirmed that QRL has completed its due diligence investigations on Wadham Park.

‘QRL has notified the vendors that it has been unable to satisfy itself in respect of its due diligence inquiries owing to the high standards that are required to be met by the industry.

'As such, Mr Bentley confirmed that the vendors have been advised that QRL will not be pursuing the purchase of Wadham Park at this stage.’

This decision comes some eight weeks after the announcement that QRL had secured Wadham Park. Bentley stated at the time, “we have to complete due diligence regarding water licences and the like, but hope to take possession on July 1."

The motivation for the purchase was based on plans to develop the complex as a training centre for as many as 800 horses. The development strategy, based on a proposed five-year-plan, included a state-of-the-art veterinary hospital. The intention, as stated by Bentley, was to, “provide Queensland with a training centre equivalent to what is currently enjoyed by the Victorian racing industry,"

Those plans have now been shelved.