REAL and Agribition ink 10-year contract for show
Long-term deal will see livestock event stay at Evraz Place Canadian Western Agribition will call Evraz Place home for the next 10 years, after the two sides signed a long-term contract to keep the popular livestock show in Regina.
Tim Reid, the new president and CEO of Regina Exhibition Association Limited (REAL), said he started negotiating the deal soon after taking the helm of the organization, which runs Evraz Place.
“This partnership will allow everybody involved to build toward a future that is clear, that is consistent and is stable,” he said at a news conference announcing the agreement Friday.
Previously, Agribition had negotiated on a year-by-year basis for its lodgings. CEO Chris Lane said that created unpredictability about the show’s future.
“There was a time when it wasn’t always a sure thing that we’d be here,” he told reporters assembled inside the International Trade Centre, which is currently hosting exhibits for Canada’s Farm Progress Show.
“Now I can actually have an Agribition 2027 document on my desk,” he added, “...it really does allow us that long-term strategic planning.”
Lane would not reveal what the show will pay for its accommodations, though he said the agreement allows for flexibility as costs and needs fluctuate over the period.
He said there were only a few points of contention during the negotiations.
“I told Tim what I needed to make Agribition tick, and he told me what things Evraz Place needed for its growth strategy, and there was more in common than not,” Lane continued.
Regina Mayor Michael Fougere and Saskatchewan Agriculture Minister Lyle Stewart were both on hand for the announcement Friday.
Stewart celebrated the more than $73 million of annual economic impact the event generates for the province — a figure based on Agribition’s own estimates. Lane speculated that would mean about $750 million over the course of the new deal.
Fougere acknowledged that some of that money overflows Regina’s borders. But he said the livestock show is great for hotels, restaurateurs and the community.
“Thank you for that commitment to our city and our province,” he said.
“Agriculture is really what makes us who we are.”
Reid took over as CEO of REAL this winter. One of his predecessor’s last acts was to present last year’s financial statements, which showed a $1 million loss for the organization. Reid said he’s confident REAL will get back to balance this year, and the new Agribition deal will help get there.
“We’ve got a lot of square feet on this campus that we have to program,” he said. “They ’re one of our biggest tenants in the building, and we needed the deal.”
Agribition will be back for its 48th year this autumn.
According to Agribition, the show attracted 365 international buyers from 86 countries and posted $2 million in purebred cattle sales.
This partnership will allow everybody involved to build toward a future that is clear, that is consistent and is stable.