Gold Coast Turf Club chairman Hoss Heinrich believes the $5 million Magic Millions race day in January would be doomed to failure if it was ever moved away from Queensland's tourist strip.Speculation over the future of Magic Millions staying at the Gold Coast has increased in recent days following the expiration of the Magic Millions company's contract with the Gold Coast Turf Club.Magic Millions is owned by businessmen John Singleton, Gerry Harvey and Rob Ferguson.Rumours have circulated that E

Gold Coast Turf Club chairman Hoss Heinrich believes the $5 million Magic Millions race day in January would be doomed to failure if it was ever moved away from Queensland's tourist strip.

Speculation over the future of Magic Millions staying at the Gold Coast has increased in recent days following the expiration of the Magic Millions company's contract with the Gold Coast Turf Club.

Magic Millions is owned by businessmen John Singleton, Gerry Harvey and Rob Ferguson.

Rumours have circulated that Eagle Farm could host the Magic Millions race day in January while the sales would remain at the Gold Coast.

However, Magic Millions managing director David Chester has branded the speculation as "irresponsible".

Heinrich said talks between Magic Millions and his club were ongoing and he remained confident the world-famous concept would remain unchanged at the Gold Coast.

"Our contract with Magic Millions has expired but we're in the process of renewing it," Heinrich said.

"I'm not concerned by all these rumours."

Heinrich said he was confident major infrastructure improvements planned for the Bundall racetrack would help retain the Magic Millions at the Gold Coast.

"This concept of having them race at Eagle Farm and the sales at the Gold Coast won't work," he said.

Heinrich said club officials recently met with Racing Minister Peter Lawlor and Queensland Racing Limited chairman Bob Bentley to look at the best ways of securing government funding for major improvements at the club including a second track, lighting for night racing and other big-ticket items.

"The signs are all very encouraging and we look forward to being in a position to make some significant infrastructure funding announcements in the not too distant future," Heinrich said.

"Queensland Racing has put up a proposal but everyone is running for cover because there's no money around."

Heinrich said the cost of upgrading the Gold Coast was significant - between $30 million and $50 million - but he declared the sword of Damocles approach of the Magic Millions owners was nothing new.

"Harvey and Singleton say our facilities aren't up to scratch and turn off the serious thoroughbred buyers, while at the same time they've invested very little on their own tin shed saleyards the whole time they've owned them," he said.

"Beneath their knockabout guy exteriors they are both tough, shrewd businessmen who are out for the best deal and we know we need to work with that."

Heinrich said he believes the owners know deep down the January event works only because it's held in Australia's holiday capital during the peak holiday season.

"That was proven when it was moved to Easter in 2008 because of equine influenza and it only had half the buzz," he said.

"Magic Millions was created on the Gold Coast to make the most of the surf, sun and unique Christmas-New Year holiday atmosphere and any move will be akin to moving the Melbourne Cup to Alice Springs.

"There is also an issue of good faith to the buyers from last year and this year who bought their thoroughbreds thinking they would race on the Gold Coast in January 2010 and 2011."