Melbourne Racing Club treasurer Brodie Arnhold has been appointed to the company's top job, as chief executive, with immediate effect.
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The former Investec Bank official has been the MRC's treasurer for three years. He has also worked for leading bank Westpac and financial services group Deloitte's during his business career.
While racing is a loss-making business, the MRC has worked to build its non-core revenue streams to underwrite the racing side of its operations. Arnhold's task will be to continue driving growth through those diversified revenue channels.
"The club has spent the past five years building income streams outside of racing to support our core activities ... we anticipate a strong financial result for the recently concluded season which, particularly when considering that the core business remains loss-making, is gratifying and further evidence that those long-term annuity streams are really starting to pay dividends," Arnhold said in a statement on Thursday morning.
"The most important flow-on effect of that will be the tangible benefits to Melbourne Racing Club members, trainers, owners and punters through the significant capital investment planned across our three venues (Caulfield, Sandown and Mornington racecourses) and training facilities in the coming years, as well as a focus on increasing prize money and maintaining the high quality of our racing product."