CTL divestment negotiations complete
Danville Walker, chairman of Caymanas Track Limited (CTL), on Thursday said negotiations have been completed with preferred bidder Supreme Ventures Limited and recommendations submitted to Cabinet for approval by the committee tasked to oversee divestment of Caymanas Park.
Speaking at a press conference to update stakeholders on recent developments in the industry, Walker said though CTL was not involved in the negotiations, he had confirmation from chairman of the divestment committee, former senator, Arthur Williams.
Walker said it was only a matter of time before an announcement is made, possibly a week or two.
"We are on the road, at last, to divestment, and I'm looking forward to it," said Walker. "With private sector hands, the industry will benefit immensely," he added.
Walker revealed that CTL, having cut losses and realised a profit in July, has "had some good weeks and this augurs well for the industry".
Meanwhile, Shane Dalling, managing director, CTL, brought some good news to owners and trainers, declaring, with much fanfare, that the days of late purse payments were over.
"All approved purses, amounting to $25 million, will be paid today. There are no outstanding purses and none going forward," he said against the background of cheers from stakeholders present.
Dalling was quick to add that only purses for the first and second weeks in September have not been approved for payment, pending clearance from the Jamaica Racing Commission.
He said the efficient running of the racetrack by CTL's management has paid dividends.
He disclosed that the company has been paying far less for overtime work, and have improved revenue inflow in a number of critical areas as, "every dollar counts when you are broke, and we have had to take some tough decisions."