Perth Racecourse will receive a £5 million cash injection after the Scone Estates takeover was resoundingly voted through by members.
Scotland’s most northerly track was subject of a bid by the Mansfield family, their landlords who own the neighbouring Scone Palace.
At an EGM held by the Perth Hunt Club on December 14, members voted overwhelmingly (97 per cent) in favour to restructure the governance of Perth Racecourse.
The control of the racecourse and its assets will switch to a new company Perth Racecourse Limited.
As part of the deal Perth will have its £1m debt paid off and will get a sum totalling £5m over the next eight years, with a focus on improving facilities and investing in prize money.
The Earl of Mansfield will guarantee the future of racing at Perth for the next 100 years.
A statement by the Perth Hunt Club read: “At an Extraordinary General Meeting held today by the Perth Hunt Club, members voted overwhelmingly (97 per cent) in favour of the Joint Proposal with Scone Estates to restructure the governance of Perth Racecourse.
“This transformational deal ensures the preservation of horse racing at Perth for the next 100 years, shall see Scone Estates invest a minimum of £5m into the racecourse over the next eight years, insulates the racecourse against the various economic headwinds, and shall also see all Perth Hunt members enjoy free lifetime membership and enhanced exclusive facilities on future racedays.
“With the mandate from the majority having approved the Joint Proposal, we move on to the legal documents being drafted and agreed by both parties, with the aim of completing the transaction in the first quarter of 2023.
“Until then it’s business as usual with all focus on preparations for a successful 2023 racing season starting in April.”
The Perth Hunt’s current lease was due to expire in 2026 so would have been up for negotiation if the takeover had not gone through.
The track needs to invest heavily in a new £800,000 weighing room to comply with incoming BHA regulations by 2025, seen as a further marker to push for approval.
Members were also advised to accept the offer with racing facing a troubled time due to the cost of living crisis and looming recession.
Perth chief executive Hazel Peplinski will stand down at the end of this month and will be replaced by long-standing secretary Morag Connaghan and current clerk of the course Matthew Taylor, who will jointly run the racecourse operations.
