(File photo courtesy of © Can Stock Photo / cafaphotos)(File photo courtesy of © Can Stock Photo / cafaphotos)
Chatham

Ontario To Invest In Horse Racing Industry

The province announced that it is committing to a long-term funding agreement with the horse racing industry, which will support jobs and strengthen economies in rural areas.

A news release issued by the Ministry of Finance says the new agreement will provide up to $105-million annually for 19 years to support the horse racing sector, starting April 1, 2019. This funding will include additional supports for smaller racetracks and those that are experiencing financial shortfalls.

“Our government is committing to a landmark agreement that will support the long-term sustainability of horse racing in Ontario," says Minister of Finance Charles Sousa. "This funding will encourage economic development in rural communities across the province, while giving race tracks and breeders an opportunity to build a strong future for an industry that is central to our heritage."

Ontario is continuing the Enhanced Horse Improvement Program and introducing a new Racetrack Sustainability Innovation Fund, which will provide up to $6-million over three years, beginning this year, to help regional racetracks innovate, diversify, and expand revenue sources.

The province has a total of 15 racetracks, which is more than any other North American jurisdiction.

“Our government recognizes that the horse racing industry is vital to communities across Ontario. That’s why our government remains committed to ensuring long-term sustainability of the horse racing industry and the rural communities that depend on it," says Minister of Agriculture, Food and Rural Affairs Jeff Leal. "This new, collaborative agreement will provide owners, breeders and racetrack operators with the support they need to ensure stability and success for the long term.”

The news release states that the long-term funding agreement will also empower the horse racing industry to work together to make long-term decisions about horse breeding, racing programs, capital investments, as well as hiring. The funding agreement will include specific measures focused on supporting community racetracks, including operational funding and purses.

“The government’s long-term funding commitment of over 19 years is unprecedented in the racing industry. It provides much needed job security for the people who work in the industry, and it will contribute greatly to restoring racing confidence and its ability to sustain itself for years to come," says Western Fair District CEO Hugh Mitchell.

Peter Barringer, president and national director of the Canadian Thoroughbred Horse Society, says this is great news for breeders.

“The breeders are really excited and look forward to reading the details of the long-term funding agreement. Long-term funding will provide greater stability and transparency in the industry and support economic development in rural communities," he says.

The new long-term funding agreement will replace the existing Horse Racing Partnership Funding Program.

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