Kajaani harness racing track faces rare bankruptcy after losing state funding

The Kajaani harness racing track in Finland has lost its operating and prize subsidies for 2024, putting its future at risk and forcing the cancellation of all planned summer events, reports Finnish public broadcaster Yle. The track’s board will meet this week to decide whether to file for bankruptcy, a rare outcome in Finnish harness racing.

According to Emmi Manninen, chair of the Kajaani track’s board, the Ministry of Agriculture and Forestry denied over €200,000 in subsidies due to the track’s failure to meet financial requirements for 2024. The decision stems from insufficient equity in the track’s balance sheet, as the ministry evaluates the track as a limited company based solely on financial figures.

“We’ve explored every option to keep racing in Kajaani despite the funding decision, but there’s simply no way,” Manninen said. Two of the four planned race days this summer have been relocated to nearby tracks, while the remaining two have been cancelled entirely.

Without subsidies, the track lacks revenue to cover ongoing costs. “We’d have to operate an entire year without support, and with no races or income, that’s impossible,” Manninen added.

Arto Hytönen, director of harness racing at Suomen Hippos (the national trotting association), called the situation “exceptionally rare” under the current funding model. While track bankruptcies have occurred historically, Kajaani’s case is unusual. Hytönen expressed hope that local equestrian communities could rally to find a sustainable solution for racing in the Kainuu region.

The track’s board will convene on Wednesday to assess whether the company has a viable future.