08/12/2014 7:00PM

Fort Erie Race Track sold for undisclosed sum

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The 338-acre parcel of land that is home to Fort Erie Race Track was recently sold to a partnership led by Buffalo, N.Y.-based developer Carl Paladino for an undisclosed price. The Fort Erie Live Racing Consortium, which operates live racing at Fort Erie, announced the sale Tuesday.

The partnership purchased the property from Nordic Gaming, which had owned the land that housed the track since 1996.

Despite the sale, nothing will change in the immediate future as it relates to the setup of the track, the Fort Erie Live Racing Consortium said. The consortium, which reached a three-year funding agreement with the Ontario government earlier this year to sustain live racing at Fort Erie, will continue to lease the facility from the new ownership group and operate the track on a day-to-day basis.

The track makes up 130 acres of the property, and the new ownership group has plans to develop some of the surrounding land in the future to complement other projects, such as a $400 million motorsports track that is being built close to the racetrack.