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Forensic Accountants To Check QLD Turf Club Finances

Tuesday, 11th May 2010

Queensland Racing has appointed accountancy firm Deloittes (which is currently investigating the Melbourne Storm rugby league club) "to independently assess the books of major turf clubs across the state". QR chairman Bob Bentley said Deloittes will investigate "a number of turf clubs in June including Brisbane, Gold Coast & Townsville to see if they are managing their finances properly". Bentley emphasised: "If the Melbourne Storm has taught us anything, it is that Rugby League's control body knew too little of the operations at its clubs. Queensland Racing has worked very hard over recent years to ensure it keeps a watchful eye on the books of the state's horse racing clubs. Our major clubs are used to the auditing process & shouldn't be surprised by this announcement." Bentley noted previous audits revealed "more than 50% of TAB racing clubs currently operating in Queensland posted losses in the 2008-09 financial year. Around 30% are in financial difficulty having delivered consistent losses & they are now feeling the effects of poor liquidity."

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