Cliff Williams

Last week's Supreme Ventures Limited-sponsored race meeting is another demonstration that the local version of the Sport of Kings, despite the lack of modernization of the infrastructure and a dearth of top class horses, still has the same potential it had four decades ago to be a viable business venture.

It was a well-attended 12-race programme and the sponsors made sure that the patrons could participate in fun activities between races. The synergy between the promoting company and certain providers of goods and services, in terms of offering unique exposure for their products, enjoyed growth during the last decade.

What has been most encouraging and even exciting was the variety of entities that were willing to have their brands associated with the promotion of horseracing.

Main participants

In fact, the manufacturers of liquor and cigarettes and the distributor of a major automotive brand were the main participants for the first three decades of operations.

Over the last 10 years we have seen a major purveyor of furniture and household goods and sundry, and other entities come on board. The leading bookmaking establishment was also a major participant, upgrading its involvement from having an annual event named for itself to sponsorship of entire racedays, which featured important Classic events.

Recently we have seen a couple of major sponsors depart the scene and this has been a basis for concern that the racing product may be losing its appeal as a vehicle for marketing the goods and services. As far as I am concerned, no such thing is happening and it is just that the marketing of brands is a very sensitive exercise and has to respond to the dynamics of the economic environment.

Areas of promotion

What may very well be at work here is that, in responding to marketplace, these entities find that there are other areas of promotion that will serve their brands better at this time. What is also true, however, is that there has to be many other service and goods-producing entities that could find the racing product suitable as a vehicle for promoting brands.

The question to be asked at this stage is whether or not the racing product, as things stand currently, holds out the prospect of convincing other players in the market that it still retains its potential to enhance branding. It would seem to me that this question could be answered in the affirmative, but there must now be an urgent need to upgrade the racing product and the Caymanas plant modernized. This obviously leads to the question of how soon new investment through divestment or otherwise can take place.

Speaking of new investment, as I understand it whilst the negotiations between the Government and the preferred bidder continues there may very well be certain fundamental differences between what is being proposed and what the Government negotiators think a new tax regime should entail.

As far as I can determine, however, there is no way that the current tax regime could remain in place and the promotion of racing become a worthwhile investment.