Outgoing Victoria Racing Club chairman Neil Wilson has pointed to a $12.6 million year-on-year turnaround and a $5.4 million profit as one of the key reasons behind his surprise decision to step down, while dismissing claims his board was split by a move to appoint his successor.
In a wide-ranging interview, Wilson told this masthead on Friday he decided to call time after 14 years at the club and the past six years as chairman because he was satisfied the organisation had emerged from the lingering financial pain of COVID-19, having lost $78 million across five years between 2020 and 2025.
“I’m leaving with the view that this momentum and this growth and this strong performance will continue,” he said.
But Wilson, who will relinquish his post after the annual general meeting (AGM) in December, said he was disappointed to have to confront allegations of a board rift on the eve of the Melbourne Cup carnival.
It comes after a source, speaking on the condition of anonymity because of the sensitive nature of club business, told The Age a decision to appoint Wilson’s replacement before the coming AGM had split the VRC board.
The prestigious club announced Vin Cox as chair elect last week after a secret vote. Numbers were not released. But the source said they understood the 11 directors voted 6-5.
The source told this masthead three candidates initially put their hands up for the chair role. Votes were reportedly split between Cox and vice chair Michael Ramsden, prompting a re-vote just between the two of them.
Ramsden’s late father, Andrew, was a former VRC board member and chairman.
Wilson and club CEO Kylie Rogers, who is also a director, took part in the vote.
But the decision to anoint the Queensland-based Cox raised eyebrows because he is up for re-election next month, meaning there was a possibility he could be voted off the board before taking over as chairman in December.
The source also noted that Wilson had voted on his successor despite never intending to serve under their leadership – his seat will be filled in the coming elections and announced at the AGM.
But Wilson dismissed the concerns, saying the same process had been followed during his entire time at the VRC and was “completely aligned with the governance processes across our constitution, bylaws, code of conduct and board charter”.
“We felt the right decision was to be clear and to not have a period of unknown, and in fact, use the period between now and the 15th of December for me to work with the new chairman in a transition phase so that we could then reach that date, and things would just then move forward as expected.”
Wilson joined the VRC board in 2012 and became the only person in the club’s history to serve as both chief executive – from 2017 to 2020 – and chair. He said there was nothing in the club’s constitution preventing the CEO from voting.
“The CEO in our club is a director, so they’re entitled to vote,” Wilson said. “When I was the CEO, I voted [on board matters], and there was never an issue.”
Wilson said the board wanted to be clear and transparent with members, partners and the broader racing industry that the announcement of his retirement also included the name of the incoming chair.
“It’s how good businesses operate from a succession point of view, and that was the decision we made,” he said.
Wilson said Cox would be available in Melbourne whenever needed.
He said the former Godolphin managing director and Yulong general manager had not been part of any long-term succession plan.
“I think the term ‘succession’ has actually created a bit of noise because it was more, ‘who’s going to succeed me?’, and so we need a plan to actually make that happen,” Wilson said.
“So it was a succession plan based on me announcing my retirement, and the plan was to go through the process to have people nominate, and then for the board to vote on who they wanted.”
The source said dissenting directors believed the incoming board should have been allowed to determine who served as chair.
But Wilson said: “Each of the board directors made a choice based on their view of who the best person is to be the next chairman to succeed me. So, board members individually made the determination on that.”
Club members will vote on four board positions at the coming elections, including the vacancy created by Wilson’s retirement. Cox, Carmody and Michael Saadie are up for re-election after serving three-year terms.
The nomination process is expected to open in late October or early November before closing on Oaks Day and then would go to the members’ vote.
It was possible several VRC members would nominate to join the board, but they would need to front a subcommittee to be ruled eligible to stand.
Wilson refused to comment on any changes to the board after the AGM because it was purely speculation.
“I’m focused entirely on what’s best for the club,” he said. “And right now, what’s best for the club is to manage this transition to the new chairman, deliver an outstanding Melbourne Cup carnival, and make sure that we’re meeting all of our members’ expectations.”
Wilson said he had known “personally for some time” he was going to step down.
“I’ve been there 14 years, I’ve turned 65 this year, and I am at a stage in my life now where I have my other world in the tech and data and AI business world, and that’s really exciting,” he said.
“And I’ve got some opportunities that are emerging, and I just felt all of that combined, as long as the VRC was in good shape … it was the right time for me to move on.”
Wilson, who recently played a part in opposing key changes to a state government racing bill on behalf of the VRC, said he was most proud of having helped his organisation navigate COVID and the ensuing years.
“I was the CEO for 2020, and I was the chairman for 2021, and it completely consumed my life seven days a week, 14 to 16 hours a day, trying to work out how we were going to get through that period,” he said.
The club lost millions in Cup-week crowd revenue and had to manage considerable debt following the construction of the new $128 million Club Stand.
“There were some very difficult decisions and difficult scenarios,” Wilson said.
“One of those decisions was to keep investing because we knew that we were going to go backwards, and we knew that we’d cop it, but we had to actually preserve the asset that was going to get us out of the position that COVID had put us in, and I’m proud that is what happened.
“We could have cut costs, we could have not had a Birdcage, we could have not had entertainment, we could have really scaled down the nature of the Melbourne Cup carnival event. But what we decided to do was the opposite, and continue to invest in the carnival and the platform.”
As a result, he said, the club had done new deals, including the biggest racing media rights deal in the world, which involves Nine (the owner of this masthead) as well as increasing its membership to record levels.
The VRC finished the past financial year with a record $23.9 million EBITDA – “which is a proxy for cash” – a net profit of $5.4 million, which is a $12.6 million turnaround year-on-year, and has increasing investment “from a capital point of view” by more than 200 per cent.
“Our debt levels, including the Racing Victoria debt ($10 million), is at $52 million, and that’s down from $67.5 million,” Wilson said.
“What I’ve also really instilled heavily to the board and to the team, and I’m not in an exclusive position pushing this, is that the history and heritage of this club is so important, and that the combination of being progressive and innovative and contemporary is really important and a unique asset for us.
“I’m very proud of how we’ve thought about that and look forward to that continuing.”
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