An article in the regional newspaper La Voix de l’Est reports that Bromont Equestrian Centre could be put up for sale under judicial supervision in April if its owner, the Shefford County Agricultural Society (SACS), does not repay its debts of close to $1.2 million to the Caisse Desjardins de Granby-Haute-Yamaska, the park’s main creditor.
SACS, a non-profit organization, has been plagued with liquidity issues for a while. It is in default on the centre’s monthly mortgage payments to the tune of $47,552 as of February 13. The consulting engineering firm Avizo registered a legal notice against the Olympic equestrian site, claiming SACS debt as of November 22 was in excess of $61,994. Another judgement of $61,673 was initiated by legal consultation firm Gestolex. In November, the Superior Court authorized developer Denis Messier, president of Habitations d’Angoulème, to liquidate three properties adjacent to Bromont belonging to SACS, which is in default of payment of more than $400,000. In total, SACS has accumulated a debtload in the neighborhood of $1.7 million. SACS president Marcel Bundock stated that many of these unpaid invoices to suppliers and financial institutions are directly related to the failed World Equestrian Games, which were supposed to be held in 2018 in Bromont.
The NPO has 60 days following the registration of the legal warning to repay its creditor, otherwise the latter can liquidate the property.
Read about the History of the Bromont Equestrian Centre here on Horse Canada