Collingwood Announces "Complete And Immediate Exit" From Gaming Industry
"This is a prudent decision."
Image: AAP
Collingwood has announced a "complete and immediate exit" from the gaming industry.
The club has sold the licences for two venues, The Coach and Horses in Ringwood and The Club in Caroline Springs, to the Melbourne Racing Club, including the 156 gaming machines they hold.
Collingwood expects settlement to be completed in October.
“This is a prudent commercial decision, one that will strengthen the Collingwood balance sheet significantly,” Collingwood president Eddie McGuire said.
“The forensic review of the entire Collingwood operation last year, and the ‘Forever’ blueprint which came out of it, gave us greater clarity and a renewed sense of purpose but also identified numerous opportunities.
“The decision of the board to sell our gaming operation and some of our hospitality interests will allow us to intensify the focus on our core responsibilities – Collingwood fans, elite sporting performance and community – but also enable us to pursue new and different possibilities for growth.
“Collingwood is in a strong financial position, with net assets of $32 million, and with the continuing support of its members will be in an even stronger position with this sale. It is the right time for Collingwood to be making this move.”