Harness Racing Victoria Chief Executive Officer Matt Isaacs will conclude his tenure in October, having advised the Board that he will not seek a further extension of his contract.
Isaacs joined HRV in January 2023 to restore financial stability, transform the organisation and establish a sustainable platform for the future of Victorian harness racing.
HRV Chair Bernard Saundry said Isaacs had led the organisation through significant change.
“Matt joined HRV at a time when the organisation faced financial, operational and strategic pressure,” Saundry said.
“He accepted a difficult mandate and led with determination, discipline and an unwavering focus on establishing a sustainable future for Victorian harness racing. Matt demonstrated the courage to make those decisions while remaining deeply committed to HRV’s people, participants and the broader harness racing industry.
“The Board recognises the significance of the transformation achieved during Matt’s tenure and thanks him for his leadership and contribution. HRV is a materially stronger and more sustainable organisation because of his work.”
During Isaac’s tenure, HRV has:
- moved from a forecast operating deficit of approximately $34 million in 2023 to a return to profitability in FY26;
- delivered significant operational restructuring and financial reform while maintaining prizemoney and participant benefits at sustainable levels;
- transformed the performance of Melton Entertainment Park, which now contributes approximately $2 million annually to HRV;
- introduced a more beneficial race fields fee model, expected to deliver approximately $1.1 million in additional annual revenue;
- strengthened HRV’s approach to integrity and equine welfare through data-led risk assessment, independent review and enhanced veterinary practices;
- developed a long-term Venue Network strategy focused on safe, sustainable and fit-for-purpose racing infrastructure; and
- established the foundations for HRV’s transition to a new corporate structure and the long-term strategic consideration of its Melton landholding.
“I joined HRV with a clear mandate to stabilise and transform an organisation facing an exceptionally difficult financial and operational position,” Isaacs said.
“Almost four years later, HRV has returned to profitability, established a more sustainable operating model and created stronger foundations from which the code can confront its challenges and pursue its opportunities.
“The scale of that turnaround should not be underestimated. It required difficult decisions, persistence and an enormous collective effort from our Executive Team, our employees, the Board and people throughout the industry.”
Isaacs said he was proud of the work HRV had undertaken to position HRV and Victorian harness racing for a more sustainable future.
“Leadership is ultimately about leaving an organisation stronger than you found it and ready for what comes next. I believe we have achieved that,” Isaacs said.
“After careful consideration, I have decided that this is the right time for new leadership to guide HRV through its next phase.
“It has been a privilege to lead HRV through one of the most challenging and consequential periods in its history. I remain fully committed to the organisation through the conclusion of my tenure and will work closely with Bernard, the Board and our Executive Team to ensure an orderly and constructive transition.”
Saundry said the Board had appointed Chief Commercial Officer Glenn Lee as Acting CEO and would commence a recruitment process to appoint a new CEO.
