SVL wants to take over ownership of Caymanas Park

Supreme Ventures Group is putting US$100 million, or $16 billion in local currency, towards upgrades for Caymanas Park, the home of horse racing in Jamaica.

But SVL Group Executive Chairman Gary Peart said the commitment comes with a caveat – that SVREL must be allowed full ownership of the iconic park rather than the leasehold arrangements it has with the Caymanas Track Limited, a state-owned company that owns the racing facility.

SVREL, short for Supreme Ventures Racing and Entertainment Limited, is the subsidiary company under which SVL Group operates Caymanas Park.

Speaking to the Financial Gleaner on the sidelines of the company’s annual general meeting on Tuesday, Peart said four months ago, he wrote to the board of Caymanas Track Limited, which is headed by Chairman Danville Walker, to state the company’s position, but is yet to receive a response.

“It’s US$100 million in investments over 10 years; if we get the track, we’ll roll out that whole investment programme,” Peart said.