The Magic Millions racing carnival will remain on the Gold Coast until at least 2017 after the signing of an agreement with the Gold Coast Turf Club.

The extension of the existing five-year agreement has ended conjecture that the Magic Millions company was considering an offer from the Victorian Government to relocate to the annual sales and racing carnival to Melbourne.

The new deal was signed last Thursday when Gold Coast Turf Club executives flew to Sydney for a meeting with Magic Millions principals that include John Singleton and Gerry Harvey.

The GCTC still has to come to an agreement with Racing Queensland over plans for a multi-million dollar redevelopment of the Bundall racecourse but the new agreement with Magic Millions should hasten a resolution over which organisation will be the majority stakeholder in the new complex.

racing and sports