JOE Matalon better known as ‘Big Joe’ is a business entrepreneur of some repute in Jamaica. When he took over the chairmanship of Caymanas Track Limited (CTL) the expectation was that he would at the very least bring some accountability and leadership to racing.

He has led by example, with transparency, based on his public utterances to date. He seems not to be afraid of placing the cards on the table for all to see, be they good or bad. Truth be told, Matalon inherited an almost doomed company which had started the inexorable fall down the fiscal cliff. By the time he got there, CTL was already late with its payments to the owners and the occupational groups and there was a decline in sales from the overseas tracks.

Matalon, in a wide-ranging recent radio interview, again placed the situation afflicting CTL for persons like myself to ponder. First of all, CTL is broke, it has no money, and for sure Government, which in the throes of trying to reach an agreement with the International Monetary Fund, is not going to inject any capital into an industry which is far down the totem pole of its priorities. That is the simple truth.

Matalon did say in his interview that CTL had restored English racing to its overseas schedule thereby earning it the possibility of gaining additional funds to ease its financial position. This is far from being enough, as money is needed to invest in racing for it to develop and for the enterprise to better deal with rapidly increasing competition from the numerous gaming lounges springing up all across this land.

Where, therefore, is this injection of capital going to come from to propel horse racing? It can only come from the pockets of private investors. In other words, CTL, racing must be divested if it is to have a chance of emerging from its present quagmire of falling eight weeks behind in payments, a dilapidated racing plant, and purse money far out of reality with present day costs.

It is no use regurgitating history, for example, the promoting company was already given to private individuals who failed miserably and all the murk from days gone by. These are different times. The Danny Melville and Rose Campbell eras of stability and growth are over. Money is what is needed now and that is only going to come from private interests with the cash, good business acumen and a love for the sport of horse racing.

Divestment is the only way to go. Let us fly the gates.