A PROPOSED plan by a group of investors to take over the reins of local racing has been put on hold.

The decision was taken because of the lack of support from some officials of the Arima Race Club (ARC).

The plan, which was formulated by former ARC chief executive officer, Chris Armond, was presented to a few top members of the ARC last week at the Marriott Hotel, Mucurapo.

Among those who attended the meeting were ARC vice-president John O’Brien, turfites Bernard Dulal-Whiteway, Peter Ganteaume and Derrick Chin.

ARC president Gerard Ferreira failed to show up.

Chin, a former ARC president, who is heading the group of investors to turn around the fortunes of the racing industry, had asked Armond to prepare a document for approval by the ARC after which it would have been presented to the government.

However, the project is not finding favour with Ferreira and certain other racing officials, who are saying that it is similar to the rationalisation plan that was submitted to government recently.

Ferreira says he is not in support of any privatisation of the racing industry.

He said if the businessmen, who are behind the move to take over racing want to be part of the new company, Santa Rosa Park Limited (SRPL), which will be formed to restructure the industry, they would be welcomed.

He said they would be offered a management contract with (SRPL).

“The problem is not ideas but execution and implementation.

“We have submitted a similar plan to the government,” he said.

The ARC chief said if the investors want to take over, they should not expect government to continue pumping millions of dollars from the betting tax into racing.

“If they are going to invest money, it must be for the entire racing industry and let them wipe out all the debts owed by the ARC,” he added.

Another former racing official, Bernard Dulal-Whiteway, who sat in at the meeting with Armond, was not impressed with the proposals.

He said out of the 40-page document, only one page consists of the plans for the industry.

“Chris spent more time highlighting the business background of the investors,” he said.

Dulal-Whiteway said the rationalisation plan that was prepared by the stakeholders in the racing industry would transform the Santa Rosa race track into a major entertainment centre, where equine sports would be the focal point.

He said there would be other forms of entertainment and other types of facilities to make the sport self-sufficient.

But a number of other racing officials, owners and trainers are in support of the new plan, saying that racing has been at a standstill for many years and appears to be going backwards.

“We are only hearing about promises to make racing viable.

“The government is only prepared to hand out the 10 percent betting tax to keep the sport afloat,” one owner noted.

Source say one of the investors is a new company that is expected to take over from G-Tech which runs the National Lottery.

The company says it will organise a Lottery, like in Jamaica and Barbados that will benefit the racing industry.

It is hoping to generate more than $30 million a year which will go towards racing.

The government will no longer subsidise racing as it has been going for years now, the source said.

“But will government give approval for a racing Lottery, which will be in direct competition to current Lottery games?” some racing officials are asking.