According to a report in Wednesday’s Toronto Star, Canada’s famed thoroughbred facility Fort Erie Race Track has been sold.
The new ownership group, led by Buffalo developer, Carl Paladino, was introduced at a Tuesday press conference, but few details were announced with regards to what the future holds for the border oval.
The purchase includes the 130-acre racetrack but not the track operation, which will continue to be leased to and managed by the nonprofit Fort Erie Live Racing Commission. Paladino said the racetrack must be able to stand alone, without depending on financing from the new owners.
Earlier this year, the Ontario government agreed to fund racing at the 117-year-old facility for the next three years. Reports indicate there are plans in the works to build a $400 million motorsport park near the racetrack.
“The development that we bring will hopefully be good for the track, for the community, for Buffalo,” said Paladino. “We hope with the NASCAR track and some of the development pieces we intend to do, it’ll make the area more attractive. These developments will hopefully add a vigour to the economy in Fort Erie and obviously be very beneficial to Buffalo.”
During the summer months, more than 1,000 people are employed at Fort Erie Racetrack.
(With files from the Toronto Star)