The Chronicle Herald has run a story which states that the not-for-profit Nova Scotia Provincial Exhibition Commission that operates Truro Raceway is $1.1-million in debt and is on 'a collision course with bankruptcy.'
The article cites a auditing report by the firm Grant Thompson.
The Grant Thompson report states that "the commission is insolvent" and that it currently has multiple issues in regard to the payment of outstanding debts.
As the article explains, Colchester County Council is looking into the situation to see if it can help keep the historic raceway through some sort of support.
The article has quoted Councillor Lloyd Gibbs as saying that Truro Raceway “has been here for many, many years and we can’t see the gates locked,” adding, “we’re sending staff to discuss pertinent information with the exhibition and they’ll come report back to council, hopefully more sooner than later. From there, we’ll make an informed decision on how to provide support.”
The article also explains how members of the Truro Harness Horse Owners Association are looking for the commission's current board to step aside. The THHOA wants to see a board comprised of representatives from multiple sectors be assembled and allowed to draft up a business plan for the raceway.
(With files from The Chronicle Herald)