BOYD COUNTY, KY (WOWK) – New partners have been approved for the racetrack and equestrian center that is set to be built in Ashland, Kentucky.

Revolutionary Racing LLC says the Kentucky Horse Racing Commission voted to approve The Eastern Band of Cherokee Indians and the Keeneland Associations as partners for the project development and leadership team.

“We appreciate the support the KHRC has shown for this project throughout this process,” said Larry Lucas, Chairman of Revolutionary Racing Kentucky. “We are excited to welcome our new partners and even more excited about the positive impact we can make in eastern Kentucky.”

Earlier this month, the county sold the former Sears building and property surrounding Camp Landing to Revolutionary Racing for $5 million. The company says they expect the $55 million investment to create more than 200 permanent jobs, with union labor being used during construction.

The company received the ninth and final racetrack license in Kentucky to build the new facility.

According to Revolutionary Racing, the track will feature a 660-yard sprint track and  and daily prize money, or purses, of $500,000. The company also says it will be the only racetrack in the state that is dedicated to quarter horses.

The company says they plan for the new racetrack to be operational year-round with shows and competitions. Officials say they are projecting the racetrack will generate nearly $1 million in new annual tax revenues for the economy.

According to Revolutionary Racing, The Eastern Band of Cherokee Indians will make their investment through the commercial gaming entity EBCI Holdings. Some of their investment holdings include casinos and a gaming technology incubator. Keeneland Associations has a history of racing traditions, including a Lexington-based track. Keeneland’s founder, Jack Keene, also once owned the Raceland track in what is now the town of Raceland in Greenup County, Kentucky.

“We couldn’t have found a better group to partner with or a better project to support,” said Richard Sneed, Principal Chief of the Eastern Band of Cherokee Indians. “We have a long-term commitment to community reinvestment and providing best-in-class entertainment offerings to underserved markets. This world-class project aligns perfectly with that commitment.”

“Keeneland is excited to partner with Revolutionary Racing Kentucky on this initiative, which continues our mission to strengthen the state’s vital horse industry,” Keeneland President and CEO Shannon Arvin said. “Additionally, this project will positively impact the local community and stimulate economic growth in the region.”

Construction is set to be complete in 2024, with spring 2023 races taking place at The Red Mile in Lexington while the new track is being built.