KINGSTON, Jamaica — The Cabinet yesterday approved Supreme Ventures Limited (SVL) as the preferred bidder for the divestment of Caymanas Track Limited (CTL).

Minister of Education, Information and Youth, Senator Ruel Reid, confirmed the decision at today’s first post-Cabinet press briefing hosted by the government at Jamaica House.

However, Senator Reid pointed out that the final sales terms are to be sent back to the cabinet for final approval. He gave no timeline for that decision.

The sale decision comes close to a year after the previous government formally announced that the long-delayed privatisation of CTL, sole promoter of local horse racing and carriers of simulcast races mainly from the United States and England, was again being offered to local and overseas investors.

The process actually began in 2013 with the appointment of an Enterprise Team by Minister of Finance, Dr Peter Phillips to oversee the process. The enterprise team was chaired by banker Keith Duncan.

Balford Henry