On 1 July 1997, in preparation for privatisation of the Public Transport Corporation, Melbourne's tram network was split into two businesses: Met Tram 1 (later renamed Swanston Trams) and Met Tram 2 (later renamed Yarra Trams). VicTrack, a new statutory authority within the Victorian Government, was created in 1997 to hold the ownership of land and assets relating to Victoria's tram and rail systems. In addition, a statutory office was established—the Director of Public Transport—to procure rail and tram services and to enter into and manage contracts with transport operators.