Regina Exhibition Association Ltd. (REAL) will see a new board of directors after city council voted to remove the current board of directors in Wednesday’s city council meeting.
During the meeting, council discussed a motion that would have administration provide a report to council in 2024 on what would be required to dissolve REAL.
This comes after a financial review on REAL was done by MNP that showed that MNP does not believe REAL could break even in the immediate term and is expecting REAL to face major financial losses of $4 million to $5 million in the next three years.
REAL requested more financial help from city council in next year’s budget to remain operational.
In the discussion, many councillors expressed their distrust in the organization and its request for financial assistance.
During the discussion, Coun. Andrew Stevens requested that council go in camera to seek legal advice on the matter. They remained in camera for about 50 minutes.
Once council returned to the chamber, Andrew Stevens proposed an amendment to the motion that would see the removal of the current REAL board of directors and then the board would be replaced by council members.
Stevens’ amendment motion passed with a vote of 6-5 with Mayor Sandra Masters and councillors Mancinelli, Hawkins, Mohl and Findura voting against it.
After the amendment passed, the motion for administration to provide a report on how REAL could be dissolved was also passed with a 6-5 vote.
The report will be presented to council at the end of the second quarter in 2024.
Tim Reid, the current CEO of REAL, will report to city council on business matters until a new board of directors can be voted on.