Magic Millions buyout
PROMINENT Australian businessman and thoroughbred breeder Gerry Harvey has announced he and his family have purchased the entire Magic Millions Sales company.
"At a meeting held last night my family and I agreed to acquire the interests of John Singleton and Rob Ferguson, to own 100 per cent of Magic Millions, for an undisclosed figure," Harvey stated on Friday.
"As a result of this development, Dr Stephen Silk has resigned from his position as managing director of Magic Millions effective immediately.
"David Chester will act as interim managing director for the company, until such time as a new managing director is appointed.
"The search for a new managing director is underway."
Harvey said it was business as usual for the leading thoroughbred sales company.
"We have a great team at Magic Millions and we are focussed on our upcoming yearling sales in Perth, Tasmania and Adelaide as well as the rescheduled QTIS 600 Yearling Sale in April."
The 2011 Magic Millions Perth Yearling Sale will start on February 9.