Racing Queensland Limited and the Gold Coast Turf Club have welcomed the Queensland Government’s announcement of a multi-million dollar grant to redevelop the Bundall racecourse.

Wednesday morning’s announcement follows the signing of a heads of agreement between the Gold Coast Turf Club and Racing Queensland.

RQL chairman Bob Bentley said the $35.40 million redevelopment would be a massive boost for racing on the Gold Coast.   “This has been a long process and a lot of compromise between both parties has made this possible including RQL deciding against seeking equity in the club,” Bentley said.

“Both RQL and GCTC want the best outcomes for racing on the Coast and I am delighted we could reach this agreement.”

Chairman of the GCTC Brett Cook said this is a major project for the Gold Coast.  “The funding grant will mean Bundall’s racing, members and training facilities will receive a significant upgrade to take the racing facility to a metropolitan standard,” Cook said.

“The long term contract between the owners of Magic Millions and Events Queensland, coupled with the upgrade to the track and facilities, would further enhance racing on the Gold Coast and significantly increase its overseas appeal.”

Earlier this week, Magic Millions owner Gerry Harvey promised to double prizemoney for the Magic Millions race day to $10 million if the funding was given the go ahead.