With its chief executive slated to retire at the end of the week, Racing Victoria Ltd. on Wednesday conducted its inaugural board meeting and commenced operations as the new principle club in Victoria responsible for the governance and supervision of the state's racing industry.

One of its first priorities will be to select a new chief executive to replace Brian Beattie, who retires on Friday after 7 ½ years in the top administrator's position.

During his tenure, Beattie has transformed Victorian racing from a number of individual clubs and associations into one united body. During Beattie's tenure, the return to owners has doubled from approximately $30.9-million ($60-million Australian) in purses in 1994 to $61.9-million in 2001.

"I don't know if I have achieved everything I set out to do, but I am pleased with the results," Beattie said "I am pleased that the industry today is more united, which has created a winning culture in Victoria."—Delamere Usher