In July 2011, the Hong Kong Jockey Club approved funding of HK$249 million for the Innovation Tower.
However, weekend racing began during his tenure, which gradually evolved into a Hong Kong institution.
It also contains a Hong Kong Jockey Centre, which is the first off-course betting branch of Hong Kong Jockey Club to be opened on the island.
When Sagace retired to stud, owner Daniel Widenstein sold a share of him to Alan Li Fook-sum, a prominent Hong Kong horseman who later (1998-2002) served as chairman of the Hong Kong Jockey Club.
Out of the 22 Youth S.P.O.T.s, 13 were renovated with support from the Hong Kong Jockey Club Charity Trust, and were thus named under the Hong Kong Jockey Club.
It was going to be the first of its kind in Hong Kong and expected to be completed by 2008 with a $103-million grant from the Hong Kong Jockey Club.
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The Hong Kong Jockey Club announced that Penfold Park would be closed from the end of July 2007 to April 2008 for the construction of training facilities for the 2008 Olympic equestrian events.