The long-awaited divestment of Caymanas Track Limited (CTL), the sole promoter of local horse racing in Jamaica, should take place in a matter of weeks, with Government expected to make a formal announcement.

Those were the words of Chairman of the CTL board, Danville Walker, at a press conference held yesterday at the racetrack in Portmore, St Catherine.

“Negotiations are pretty much complete. There are a few housekeeping matters with respect to some year-in activities which are things for the lawyers and accountants to deal with, but other than that, the divestment is pretty much complete from the negotiating side of the team,” the CTL board chairman stated.

Walker said that at this stage, with negotiations complete, they are now awaiting approval from the Government.

“It goes to Cabinet now for approval and we expect that some announcement should be made shortly,” Walker said.

Earlier this year, Supreme Ventures Limited (SVL) emerged as the preferred bidder to take over the operations of CTL. Caymanas Racing and Entertainment (CRE) was the other company vying for the racetrack.

Walker then gave his views on the effects of divestment of the racetrack to a private entity.

“There are many who say if you run this place right, Government would not have to divest the racetrack, but in my view, Government should have divested Caymanas Park donkey’s years ago.

“I don’t know what government is doing owning a racetrack, but we have it, and we are at last on the road to divestment, and I expect that with private sector hands managing the rudder, Caymanas Track will only benefit tremendously from it.

“Government is here to co-ordinate and facilitate, while the private sector takes the leadership role in investment and growth. I am looking forward to divestment and to see this racetrack really flourish and look good.

“For me, I expect Caymanas Park to look like Churchill Downs one day,” Walker said while making reference to the world renown racetrack in Kentucky, USA, where the first leg of the American Triple Crown, the Kentucky Derby is run.

Speaking with the Business Observer last November, a representative of SVL said the company’s aim was to pump over $1 billion into the operations of CTL over five years.

SVL also stated its intention to raise the profile and revenues of the racing complex and to lease the complex for 30 years, upgrade the facilities, include more local and overseas betting, introduce slot machines or video lottery terminals (VLTs) and include restaurants.