Collingwood has formally exited the gaming industry, with the sale of the licences of two venues and its entire gaming operation to the Melbourne Racing Club (MRC) completed last Friday.

Terms of the sale were announced mid-year when the MRC agreed to purchase from Collingwood the licences for The Coach and Horses in Ringwood and The Club in Caroline Springs, and with them 156 gaming machines.

Last Friday 7 December, the sale was concluded.

“Collingwood has been in a strong financial position but, as of Friday, it is in an even stronger position with the sale of the venues and gaming machines,” Collingwood President, Eddie McGuire, said.

“The significant funds flowing from the sale will be put to a Future Fund that, with the continued support of members, will secure Collingwood’s future as a strong, independent and progressive sports club.

“We view this as a prudent commercial decision but also a strategic initiative that allows us to intensify our focus on our responsibilities - Collingwood fans, elite sporting performance and community – and pursue new and different opportunities for growth.”