Some time back there was whiff in the air that the government is planning to convert the scantly used race course into a sports complex. The contention was that racing is an elite pleasure/occupation and in any case it is a dying sport in the city.
Though government’s writ cannot run in this case since the race course is owned by the Army, yet no sooner the news leaked off went hands in the air to protest the move. One would say the protest was quite justified because it would be silly to have a structure coming up there blocking the uninterrupted view of the Maidan.
That the proposal was mooted is an indication of bad times at RCTC (Royal Calcutta Turf Club) that controls horse racing at the race course, which indeed it is. RCTC is said to be deep in debts excluding taxes it owes to the government. It is clear that unless there is a fresh infusion of fund to the tune of about Rs.50 crore, RCTC will not be able to manage the race course.
In normal course it’d have been the last epitaph of horseracing history in the city. But then RCTC owns 3.7 acres of prime land on Russel Street, one of the hottest realty destinations. Valued at over Rs.300 crore, the land on which presently RCTC’s dilapidated structure stands can easily make it cash rich. RCTC however prefers not to sell the property.
Instead it will do joint development with a realty partner, which is most likely the Emaar MGF Group that has emerged winner in the tender edging out DLF, ITC and Taj Group. See today’s TT story.
It will be a 5-star luxury address though the format is still not made public. The developer will pay lumpsum upfront and a guaranteed amount every year. RCTC feels once the deal is through there will be sufficient funds in the kitty that can be spent at the race course.
On the cards, other than renovating and improving the facility, is the proposal to increase the stake money in the races, for as Kishore Bhimani, a member of RCTC’s stewards’ body, says, “Unless we can increase our stake money, we won’t be able to bring back the leading trainers and owners to Calcutta.”
From Russel Street then the move begins to bring back the glory of the race course.
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