Morno, thanks for your reply and Happy Easter.
I hope you are right about the vision of the new generation:
Over commercialised, no. Trying to get it more orientated towards those who aren’t beer swilling, singlet wearing bogans? Yes, definitely.
I have friends who run it, and they definitely wouldn’t let it become too commercial. They’re just a new generation who want to make it different but better than before and with more events on (fun run, cocktail ball, etc.).
My experience of such events is that the people who want to get control always say that they want to make it better. However that is usually code for taking the event up market as you have already suggested (re beer swilling Bogans).
The problem the new management face is that the so called "beer swilling Bogans" come in their thousands and contribute the lions share of the cash and most importantly, they come rain, hail or shine every year, drought or flood because they mentally have "ownership" of the event. Once you tamper with that and tell the Bogans they are not wanted by changing prices and offerings that exclude them, they will go elsewhere.
While that gives you a "Nice" Bogan free event, you had better hope that the up market corporate crowd you sold the event to keep coming back. My experience is that such clientele is very fickle and they certainly don't come rain hail or shine. This becomes apparent when the gate takings start dropping but the cost burdens of all those "Nice" add ons - fun run, Cocktail Ball, etc. etc, keep increasing.
.....And the pricing has just cost the races all those Airplane Bogans who want to camp under their wing. Moral of the story: be very careful about changing the nature of successful local events. They are very easy to destroy and hard to rebuild.