New Ontario Racing Board to Support Transparency and Accountability for Horse Racing Industry
ONTARIO, CAN—MAY 8, 2018—According to a bulletin posted today by the P.M. Ministry of Finance, Ontario is moving forward on a collaborative strategy to improve representation, accountability, transparency and sustainability in the horse racing industry.
As part of the strategy, Ontario Racing will become a new entity with membership from racetracks, horsepeople and breeder associations. Ontario Racing will be accountable to the horse racing sector and decisions will be made with input from members.
The new Ontario Racing structure will emphasize cooperation and self-governance to promote the long-term success and sustainability of the industry. The new Ontario Racing Board of Directors will consist of a new independent chair and board members representing racetracks, horsepeople and breeder associations, including Standardbred, Thoroughbred, and Quarter Horse.
Each Ontario Racing board member will have one vote under the leadership of the yet-to-be-appointed independent chair, who is expected to be selected in the coming weeks. The Ontario Racing Board met yesterday (May 7) and approved the long-term funding agreement.
Ontario Racing will distribute the funding set out in the long-term funding agreement in a manner that is transparent and accountable to the sector. Annual spending under the funding agreement will be publicly posted.
The determination of race dates, distribution of revenues and other key industry decisions will be made by the Ontario Racing Board. These key decisions will be set out in annual business plans and audited financial statements, which will be made available to all members of Ontario Racing. Key performance indicators such as racetrack revenue will also be tracked and reported publicly. This represents a significant step forward in achieving greater transparency and sustainability.
- Ontario will provide up to $105 million a year, for up to19 years, for the horse racing sector, starting April 1, 2019, plus additional supports for smaller racetracks and those experiencing financial shortfalls.
- Data on key performance indicators for the industry will be publicly reported on a quarterly basis. This includes details such as wagering, wagering commissions, race track revenues and yearling sales.