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Ontario Funding Agreement Amended

Published: December 18, 2020 4:23 pm ET

Last Comment: December 24, 2020 11:36 am ET | 2 Comment(s) | Jump to Comments

Ontario Racing has issued a statement commending the Ontario government for changes it is making to the Long-Term Funding Agreement (LTFA) for horse racing to further support the industry during these challenging times.

Changes to the LTFA will support a strong and stable horse racing industry and give it time to recover from the pandemic. The amendments will also ensure continued support for local employment and for Ontario’s 15 racetracks until 2026.

“Like many other industries in Ontario, horse racing has been significantly impacted by the pandemic,” said John Hayes, chair of Ontario Racing. “I want to thank the Ontario government for focusing on the stability and recovery of this important industry and for extending support for racetracks during this difficult time.”

The LTFA, which came into effect last year, is providing stable financial support for racetracks, horsepeople and breeders over a 19-year period. The amendments to the LTFA recognize the impact of the pandemic on the industry and will maintain support for all fifteen racetracks in communities across the province until 2026.

The amendments were approved by all four parties to the LTFA – OLG, Ontario Racing (OR), Ontario Racing Management and Woodbine Entertainment Group. The Board of OR includes representatives of racetracks, horsepeople and breeders of thoroughbred, standardbred and quarter horses.

The amendment appears below or at this link.

(Ontario Racing)

December 24, 2020 - 11:36 amOntario Racing's John Hayes

Jeff Porchak SAID...

Ontario Racing's John Hayes sent SC the following:
"The plan in 2018 was to have an agreement with the province over 19 years - a seven-year term, another six-year term and another six-year term. This amendment makes changes to the remaining five years of the first seven-year term by extending the Transition Payment of $3 million for an additional five years and increases the Administration Payment by $500,000 for five years."

December 18, 2020 - 7:53 pmIn terms of communication, it

In terms of communication, it would be interesting to know what is the purpose of the changes. To mention that it is Covid related is a bit too vague. And providing the actual agreement without the differences with the original one is meaningless.

We are looking for something in between. Just to understand.

Just a couple lines on what has been done.

Thanks!


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