Mon | Jan 22, 2018

Historic Caymanas Park divestment agreement signed

Published:Friday | February 10, 2017 | 3:46 PMOrville Clarke
Ian Allen/Photographer Omar Walker aboard Seeking My Dream winning the 2nd running of the Diamond Mile at Caymanas Park recently.

Orville Clarke, Gleaner Writer

The official signing regarding the Government's divestment of Caymanas Park, between Caymanas Track Limited (CTL) and new owners Supreme Ventures Limited was concluded at the offices of the Ministry of Finance at Heroes Circle, on Friday afternoon in the presence of Finance Minister Audley Shaw, who described it as an "historic occasion".

With the process now complete, Shaw described the development as a "win-win" for the racing industry, while speaking to the large gathering, which included representatives of the new company, Supreme Ventures Racing and Entertainment Limited, the government's negotiating team, CTL board members, technocrats and various stakeholders.

Paul Hoo, chairman of Supreme Ventures Limited, signed on behalf of his company, while CTL's Danville Walker did likewise.

Noting that since 1987, there have been five attempts to divest Caymanas Park, Shaw highlighted that the Government of Jamaica having recognised the importance of the racing industry in the scheme of things, was pleased that this was now a reality.

Shaw spoke of numerous advantages not only to the wider industry but to the Jamaica Racing Commission and the Betting, Gaming and Lotteries Commission, among other entities.

The handing over of the racetrack to Supreme Ventures will take place on Tuesday, March 7 and a $200 million redundancy package has been set aside for the CTL workers, most of whom will be re-employed by Supreme Ventures.