Fort Erie, On – On behalf of the not-for-profit Fort Erie Thoroughbred Racing Consortia, the Town of Fort Erie, the Horsemen’s Benevolent and Protective Association of Ontario and Nordic Gaming, Mr. James Thibert, President and General Manager of the Fort Erie Economic Development & Tourism Corporation (EDTC), provided an update on the current offer by the Consortia to purchase the Fort Erie Racetrack.
“During the course of our business planning and modeling” said Mr. Thibert, “the Fort Erie EDTC was able to find several potential investor/developer parties who are interested in the possibility of partnering with the Fort Erie Thoroughbred Racing Consortia or possibly making an offer to Nordic Gaming Corporation in their own right as owners.”
As a result, the Consortia has, with the cooperation of Nordic Gaming/El Ad Canada (the current owners of the Track) agreed that it is in the best interest of the Town, the horsemen and the company to waive our rights under the current LOI, which was due to expire June 11, 2009. “This effectively opens the door for the Consortia and Nordic to investigate investor potential concurrently rather than consecutively” said Thibert, “as both Nordic and the not-for-profit consortia feel time is of the essence.”
Sue Leslie, President of the Horsemen’s Benevolent and Protective Association of Ontario who has participated in all negotiations says that she welcomes additional investors to come forward with offers to purchase, lease or partner with us or others in the effort toward a long term future for Fort Erie thoroughbred racing.
“These actions also have the effect of alleviating the pressure of the June 11, 2009 deadline. So to sum up where we now stand” said Thibert:
1. “The Fort Erie Thoroughbred Racing Consortia is finalizing due diligence, business planning and modeling with Deloitte Canada.
2. “We are able to share that information with our potential investors once they sign non-disclosure agreements with Nordic Gaming Corporation.”
3. “We are exploring partnership opportunities with several major investor/developer firms from Canada and the USA.”
4. “Nordic Gaming Corporation is supporting our efforts as well as exploring other expressions of interest”.
5. “The 2009 racing schedule is unaffected by these actions.”
For more information please contact: Mr. James A. Thibert, President & General Manager of the Fort Erie Economic Development Tourism Corporation at 905-871-1332 or via e-mail at jthibert@forteriecanada.com; or Mrs. Sue Leslie, President, HBPA at 416-213-0321.
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