The Group 1 Manikato Stakes is set to be run at Caulfield in 2026 and the Group 1 Moir Stakes at Flemington on Cox Plate Day, as Moonee Valley Racing Club faces challenges finding attractive homes for its suite of feature races.
Betsy understands the MVRC had been in talks with the Victoria Racing Club about hosting its AFL Grand Final Eve Manikato Stakes meeting, which has grown in popularity given it is run on Victoria’s public holiday and there is little live sport in Melbourne.
But the two clubs could not agree on terms, creating the unusual situation where premier Group 1 races may be sent to tracks based on commercial deals rather than what is best for Victorian racing.
The Manikato meeting, Moonee Valley’s second-biggest of the year and also featuring the Feehan Stakes and other Group 2 races, is almost certain to be run at Caulfield barring intervention from Racing Victoria.
The MRC can charge the MVRC less than the VRC to host a meeting, given its facility is smaller.
Sources close to discussions told Betsy the Manikato meeting, traditionally run on a Friday, could instead be moved to the Sunday after the AFL Grand Final. Without the ability to race under lights at Caulfield as it does at The Valley, Racing Victoria is understood to prefer a Sunday meeting given the rest of Australia is at work on the Friday and wagering turnover would likely be higher. No firm decision on the date has been made.
Betsy can also reveal another of Moonee Valley’s spring carnival Group 1 races, the Moir Stakes, is likely to be run at Flemington on Cox Plate Day.
Discussions were held about whether to run the Moir Stakes meeting at Sandown as a standalone fixture, given the MRC’s reluctance to stage it on its usual September date at Caulfield because of the likely impact on the track ahead of its own carnival.
As a result, the McEwen Stakes is now likely to come off the Cox Plate card and move to Sandown as a standalone meeting.
None of these moves have been officially finalised, with Racing Victoria to have the final say.
While the MVRC worked to strike a deal to have the Manikato run at Flemington, one could not be done, with multiple sources confirming the financials of racing at Caulfield and Flemington are vastly different.
Club deals dictating where Group racing is run
Evident from the talks between the three metropolitan race clubs is that the ability to do a commercial deal is dictating where several premier Group races are held in Victoria.
At Caulfield, the club has previously asked for a management fee only to run MVRC races which covers expenses such as opening up the track, maintaining facilities and employing necessary staff.
At Flemington, the VRC ask for a management fee that is significantly higher than what The Valley would pay Caulfield.
On top of that, the VRC’s conditions include the club taking a clip of all wagering plus food and beverage sales.
While the MRC made its committee room available to the MVRC, it is understood the VRC was insistent on keeping control of its inner sanctum and a number of other hospitality areas.
That makes Caulfield a far better financial option for Moonee Valley, but not necessarily for racing.
Supporters of the VRC told Betsy their position is “responsible” given the cost of operating Flemington is far greater than any other track because of its size. They say the club has a responsibility to ensure its facilities are in top shape for its lucrative Cup Carnival and that it is the club’s right, if not prerogative, to make money when renting out its premier venue.
Strained relationships between some parties have not helped negotiations at club level either, Betsy is told.
Racing Victoria may also be the loser. Punters are more likely to bet at Flemington than anywhere else, so the more meetings held at headquarters, the more turnover is generated.
The MRC declined to comment and MVRC CEO Michael Browell did not respond before Betsy’s deadline.
The VRC confirmed that, at this stage, the Cox Plate will be the only Valley race it hosts.
“We are honoured to host the 2026 Cox Plate at Flemington. Our focus is on delivering an exceptional and historic edition of the race, and we currently have no plans to host any other transferred meetings at Flemington,” a spokesperson said.
Racing Victoria said while the MVRC can recommend where its races are held, the final decision sits with its board.
”The commercial arrangements between a host club and host venue are a matter for those Clubs,” a spokesperson said.
”As part of the 2026-27 race dates process, MVRC will make recommendations on hosting rights for their transferred meetings which will ultimately require the endorsement of the RV Board.
”The 2026-27 race dates remain in draft at this time. A final set will be approved by the RV Board in coming months.”
Why does this matter to punters?
While Racing Victoria can decide where races will be held, at this stage it has not flexed that muscle.
Club deals are effectively dictating where people can watch and attend the races, while these decisions also influence trainers and whether they are comfortable sending runners to tracks outside Flemington and Caulfield.
Both metropolitan clubs are also wary of the impact on their own major race days if they take The Valley meetings.
As punters saw on William Reid Stakes day at Caulfield, the track was well below par, a situation the MRC partly put down to the extra workload involved in helping the MVRC.
The VRC is also wary of holding extra meetings in the spring. The club is already committed to hosting the Cox Plate in what shapes as a massive day for both the club and the race itself. There were some within the club who were wary of hosting arguably Australia’s greatest race given the potential impact on the track.
Questions were initially asked quietly about whether the Cox Plate might be run after the Melbourne Cup Carnival in order to protect the surface.
Southside Racing, which operates Cranbourne and Pakenham, has also taken on significant workload on behalf of Moonee Valley.
Pakenham even hosted the Group 2 Australia Stakes to little fanfare.
Both Southside tracks have arguably performed below their usual standard, something that could be attributed to the increased workload.
Geelong too, a sleeping giant in the industry given its location and well-run club, has picked up some races and could get more.
All these factors also underline how much money racing makes.
Both metropolitan clubs’ major sponsors, TAB at Flemington and Sportsbet at Caulfield, have rejected most requests to have Ladbrokes signage integrated when Moonee Valley runs meetings elsewhere. Ladbrokes remains The Valley’s major sponsor, worth millions annually to the club despite racing being shut down for at least 18 months. While punters may not care who sponsors a racecourse, those issues matter to club bosses.
Course closures create metropolitan headache
The big task now facing Racing Victoria is how to manage metropolitan racing with two of its three tracks shut from mid-November.
Caulfield will close its main track from mid-November until mid-February for refurbishment, leaving only Flemington and Sandown as standalone metropolitan options.
But given the financial hit The Valley would have to take to move any of its racing to Flemington, that is increasingly unlikely.
Sandown is the likely beneficiary. While Cranbourne will again pick up racing on Moonee Valley’s behalf, made even more attractive by Southside’s Ladbrokes association, Sandown is the obvious track to take on more meetings. But Sandown must also pick up the slack from Caulfield when it closes, with the MRC set to prioritise its own meetings.
Metropolitan meetings moving to Sandown or Southside is not a particularly attractive option for Racing Victoria in wagering terms.
Punters are more likely to bet at Flemington or Caulfield than anywhere else. Moving meetings to other tracks would reduce wagering and, in turn, revenue for the sport.
Essentially, decisions made by clubs to protect their commercial deals and bank balances are dictating how much money the sport receives. It is a situation far from ideal.
