HRNZ gets green light for Cambridge takeover

As reported by Barry Lichter for Lincoln Farms, Harness Racing New Zealand gained unanimous approval to acquire the assets of Waikato Bay of Plenty Harness Racing at a special general meeting in Christchurch last night.

Subject to rubber stamping by Cambridge club members tonight, HRNZ will take over on September 30 by raising a mortgage of up to $4 million on the property.

Designed to protect the continuity of racing and training at Cambridge, the money will be used to pay off debts of $2,998,145 and allow for maintenance, remediation, compliance and upgrade works, including repairs to the grandstand roof and stables.

Two thirds of the debt is owed to HRNZ which has loaned the club a total of $2,006,448 over the last four years – $815,901 in 2023, $430,967 in 2024, $293,909 in 2025 and $465,669 in 2026. Another $991,697 is owed to third party creditors, including the Inland Revenue Department.

HRNZ has provided ongoing financial support on the understanding Cambridge could trade its way out of its financial difficulties but the club has now determined that it is insolvent and unable to meet its obligations.

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by Barry Lichter, reprinted with permission from Lincoln Farms