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'Get stakeholder buy in', Wehby tells Supreme Ventures

Published:Monday | February 13, 2017 | 12:00 AM
Don Wehby

Having finally signed the agreement to take over the Caymanas Track Limited (CTL), Government Senator Don Wehby is recommending to Supreme Ventures Limited, the new owners of the company, to have a racing symposium with an aim of sharing with stakeholders a strategic plan for the company.

Last week, Finance Minister Audley Shaw signed the agreement between the Government and Supreme Ventures Limited for the takeover process to begin, which would see CTL assuming the name Supreme Ventures Racing and Entertainment Limited.

The takeover process has been fraught with controversy after several groups have openly rebelled and expressed their reservations about having CTL privatised.

This, along with prolonged negotiations, have resulted in several delays, missed deadlines and residual tension.

Wehby said the symposium should include a clear vision for the company and a justification by the new owners for the exclusive period that was sought for the company to operate free from competition.

"They must get the alignment of all stakeholders. If they do not, it will be very difficult for them to succeed," Wehby told The Gleaner, adding that it was critical to get the buy-in of the stakeholders.

The senator said that though he had not seen a business plan from Supreme Ventures, he was sure that there were performance indicators with specific timelines that the Government will be able to use to assess the execution of commitments made by Supreme Ventures.

In December last year, Wehby supported two bills which were crafted to assist in finalising the regulatory framework to transform the Caymanas track into a modern and self-sustaining racing and entertainment facility.

Sources close to the situation say that although the negotiations have been completed, the entire process has left a bitter taste in the mouths of some stakeholder groups.