A quick glance at 2018 Ministry Paper 89, titled Caymanas Track Limited Annual Report for the year ended March 31, 2017, shows the state of affairs at the government-run horse racing-promoting company on its deathbed as at March 6, the eve of divestment.

Quoting directly from the document, “CTL recorded an operating deficit of $120.65 million, reflecting a deterioration of $73.22 million on the deficit of $47.43 million for 2015-16.” The document went on to detail CTL’s state of insolvency, “a net shareholders’ deficit of $669.97 million”, holding a cash balance of $20.58 million at the end of the period.

It was this sad state of affairs that led then finance minister Audley Shaw to have introduced Paul Hoo, chairman, Supreme Ventures Limited, as “the bravest man in the room” when divestment was announced to the press at ATL Automotives’ showroom, Oxford Road.