Reports today indicate that the Fort Erie racetrack for thoroughbreds could soon be a not-for-profit corporation, and details of the news have been released

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This morning an article by The Toronto Star stated that the Fort Erie Economic and Tourism Corp. yesterday made a $35 million offer to buy the track from its owner, Nordic Gaming Corporation, but the deal needs the provincial government as a financial backstop to make it work. Fort Erie Economic and Tourism Corp. general manager Jim Thibert is said to be spearheading the deal.

"We're asking the province to back our offer based on collateralizing the property and nothing is extraordinary in terms of the values here," Thibert was quoted as saying. "The public good would be met by the value of the property."

To read The Toronto Star article in its entirety, click here.

Additional articles on the topic came out later this afternoon.

A piece by buffalonews.com states that official details of the plan were unveiled during an hour-long conference this morning.

The report states details include an agreement with Toronto's Woodbine Racetrack and the Ontario Lottery and Gaming Corp. -- which operates the slot machine areas at both tracks -- to transfer 200 machines from Fort Erie to Woodbine for three years. The article also states another detail is an agreement with the town of Fort Erie to contribute half of the revenue, up to $1 million a year, from its share of slot machine money to operate the track and pay down the debt.

To read the buffalonews.com article in its entirety, click here.

A bizjournals.com article this afternoon quoted Thibert as saying, “This is the finest solution we’ve got. It’s either this, or we put on Armani suits, call it ‘Ford Track’ and ask for a bail-out.”

To read the bizjournals.com article in its entirety, click here.

(With files from The Toronto Star, buffalonews.com and bizjournals.com)