The Ontario Jockey Club has announced a multimillion joint venture with
American Digital Communications, Inc. to create a new entity, TrackPower
International Inc. The joint venture, with each partner owning 50%,
will combine ADCM's technology with OJC's racing infrastructure to
launch a satellite service with a 'footprint' covering all of North America.
The new service will utilize the latest in interactive television
technology to incorporate data and wagering with live horse racing. The
OJC and ADCM each is contributing $1 million Canadian to the project,
and the OJC also will provide use of its racing content, existing
satellite operations, customer service call center, tote system and
wagering license.
The OJC's CEO David Willmot will become chairman of TrackPower
International and ADCM's president and CEO John G. Simmonds will assume
the role of president of the new organization. ADCM is responsible for
the distribution of hardware, plus any additional financial
requirements, for which it will receive a 1% override on all wagering in
the United States.
The new entity will earn the wagering revenue generated by subscribers,
while ADCM will continue to earn all subscription fees and proceeds from
hardware sales. Simmonds said TPI "is uniting technology and horse
racing to create a very exciting new product and business opportunity."