According to a report, officials with Baymount Incorporated apparently issued a press release late Monday night (December 19) which states that the company is, "in the course of non-exclusive negotiations with Macallan Equity Inc. .... concerning the sale of all of its assets and properties pertaining to its Belleville racetrack project and related lands and the restructuring of its currently outstanding debts and obligations."
The news comes courtesy of an article by The Belleville Intelligencer titled 'Poof! Baymount Disappears.'
The article has quoted both Ontario Lottery and Gaming Corporation Spokesman Tony Bitoni and Belleville Agricultural Society President Marilynne Cotten in regard to the matter.
Baymount Inc., the group which has been tied to the 'New Quinte Exhibition and Raceway' in Belleville, Ont. for years now, had trading on its stock halted Friday, December 16 by the Investment Industry Regulatory Organization of Canada pending news by the company.
Bitoni was quoted as saying that the latest delay in the project would mean a new round of due diligence if a potential sale is to actually happen. Cotten went on the record as saying that she thought the most recent news in the long, drawn-out Baymount racetrack ordeal is more than just an average delay and that it is "good news."
"We continue to work with Baymount and the other partners, but any change in ownership or a change in the percentage of ownership will have an impact on the project," Bitoni was quoted as saying. "We continue to do the due diligence on financing and design, but any time there's a change in ownership it impacts these elements."
"We don't think this is another delay," Cotten was quoted as saying. "We've been getting great feedback from the OLG, but we can't really comment on this. All I can say is that the fair board is happy with the proceedings."
(With files from The Belleville Intelligencer)
Related Stories
• Trading Of Baymount Inc. Halted
• Baymount Granted Preliminary Approval
• Baymount Happenings