Wagering Licence Renegotiation

Wagering Licence Renegotiation

Client | Queensland Treasury and Trade
Location | Brisbane, Queensland
Role | Transaction Manager

Corview was the Transaction Manager for Queensland Treasury and Trade responsible for negotiating the wagering licence and funding package for the racing industry in Queensland.

Tatts Group’s exclusive wagering licence was to expire and ongoing funding for the racing industry required a market-based response, including a new commercial agreement for a further term of the licence.

Our role was to manage all facets of the transaction, obtain Queensland Government Cabinet approvals and coordinate the interface between multiple government agencies and industry.

Scope of Work

  • Ensuring implementation of a robust probity process throughout the transaction process and negotiations with proponents
  • Evaluation of responses to the process including detailed assessment of evaluation criteria
  • Consideration of all funding models including sole and multi-operator (against the backdrop of existing returns and funding required for a sustainable industry)
  • Consideration of legislative frameworks and coordinating with regulator regarding licencing arrangements
  • Detailed negotiations with proponents and finalising commercial frameworks including (but not limited to) licencing arrangements, funding mechanisms, product fees, investment in the racing industry and ancillary products
  • Briefing relevant ministers, preparing submissions to Cabinet and ultimately achieving endorsement of the proposed funding package
  • Negotiation and preparation of formal agreements in conjunction with legal advisors
  • Liaison with key industry participants to ensure returns to industry enable a sustainable financial future
  • Liaison with relevant government agencies and assisting policy/regulatory departments in the preparation of required amendments to legislation and regulations

Key Achievements

  • The funding package negotiated will ultimately see more than $4.7 billion in funding for the Queensland racing industry
  • The funding set a platform for the industry and its participants to prosper over the 30 years of the agreement
  • Corview’s involvement led to approximately greater than an additional $200 million in funding to the industry which was gained through negotiations
  • Corview’s involvement also ensured all stakeholders’ expectations were exceeded and all legislative requirements, and amendments, were achieved in a timely manner