HRNZ proposes acquisition to secure Cambridge Raceway’s immediate future

Harness Racing New Zealand (HRNZ) has announced a proposal to acquire the assets of Waikato Bay of Plenty Harness Racing Inc, including Cambridge Raceway, protecting the continuity of racing and training at Cambridge while retaining strategic options for the future.

The proposal follows several years of work between HRNZ and Waikato Bay of Plenty Harness Racing (WBOP) to restore the Club to financial sustainability. 

Over this period HRNZ has commissioned independent reviews of the club’s financial position, WBOP has implemented a range of restructuring initiatives, and HRNZ has provided loan support to keep racing operations running.

After assessing all available options and undertaking extensive internal discussion, the WBOP Board approached HRNZ to explore a joint resolution in the spirit of transparency and a shared commitment to keeping Harness Racing operating in the Waikato.

Cambridge Raceway is a strategically important harness racing and training venue. It supports hundreds of participants, hosts premier race meetings, and provides critical racing and training infrastructure.

The proposal is consistent with the direction of Project Stamina, which recognises the strategic importance of sustainable racing and training infrastructure in the upper North Island. 

The proposed acquisition is intended to protect continuity at Cambridge Raceway while preserving HRNZ’s ability to consider future infrastructure options through the further business-case and consultation processes contemplated by Project Stamina.

HRNZ Chair Grant Jarrold said that it has become clear that HRNZ needs to act if racing at Cambridge Raceway is to continue. 

“Cambridge Raceway is critical to harness racing in the North Island, and this proposal is designed to secure its immediate future," Jarrold said.

“Acquiring the WBOP Group's assets would allow racing to continue, provide an orderly pathway for creditors, provide working capital through the transition, and give HRNZ the ability to undertake the maintenance the venue needs.”

“After thorough consideration of the options available, the Board believes the HRNZ acquisition is the best available outcome, safeguarding the long-term future of harness racing in the Waikato and giving participants, staff, creditors and the wider industry certainty,” Jarrold said.

WBOP Chair, John Coulam said the proposal presented the best available pathway for the Club and its members.

"The Board has worked hard over several years to improve the club's financial position and has carefully considered the options available. While this has been a difficult decision, we believe this proposal provides the greatest certainty for our members, participants, staff and creditors, while protecting the continuity of racing and training at Cambridge and preserving options for its future development."

The proposal remains conditional on approval by both HRNZ and WBOP members at Special General Meetings to be held on 31 August and 01 September. Subject to approval, settlement is expected in late September.

For further information contact: Anna Flynn – anna.flynn@hrnz.co.nz