The Globe and Mail is reporting that a consortium that includes the Fort Erie Economic Development and Tourism Corporation has signed a letter of intent

to buy the Fort Erie racetrack for thoroughbreds.

The price tag is reported as being $35 million. The consortium that signed the letter includes the Fort Erie Economic Development and Tourism Corporation, the Horsemen's Benevolent and Protective Association and a representative of the town of Fort Erie.

The article states that racetrack owner Nordic Gaming will continue to operate Fort Erie, but as a non-profit organization. Opening day is May 2 and the meet will be made up of 78 race days.

"There were a lot of happy people today, god bless them,'' said Sue Leslie, HBPA president, was quoted as saying.

According to the article, EDTC general manager Jim Thibert has said that the consortium has 90 days to do due diligence, or forfeit a deposit.

To read the article in its entirety, click here.

(With files from The Globe and Mail)