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"People Can See The Finish Line"

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Published: November 27, 2009 8:20 am ET

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Those words come from United Horsemen of Alberta's CEO Max Gibb on discussing the long-awaited Balzac, Alberta racetrack project with Trot Radio.

Gibb told Trot Radio that UHA has made arrangements for land sales and commitments that would take care of almost all of their debt by the end of February. Ivanhoe Cambridge has fronted all of the infrastructure and water costs, and the UHA Board supported that proposal. The proposal now goes to UHA shareholders and Ivanhoe's board next week, and that would clear up all of UHA's debt to Ivanhoe. This would open the door for two additional land sales, and with those sales UHA would be very close to debt-free.

Once that goes through the next step is to secure funding. UHA has $20 million assured from confidential investors, subject to another $20 million being raised. At this time, the track could start being built.

"We have a number of people that have indicated...that they're ready and willing and under the right circumstances and the comfort level to put up a significant amount of money that would finish the track."

To hear the full seven-minute interview, including when Gibb feels the track will be completed with all of the aforementioned contingencies being met, click on the play button below.

Episode 72 - UHA's Max Gibb
Running Time: 7:17
Audio Format: MP3 audio
Host: Norm Borg


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