Some potential good news for the Town of Fort Erie today as race track officials announced a two year lease extension with the property's owners.

In the deal the owners lowered the rent from 600 thousand dollars per year to 395 thousand.

But according to Fort Erie Live Racing Consortium CEO Jim Thibert it's just the beginning as negotiations need to start with the Government of Ontario to ensure live racing is back for the 2013 season.

The fate of horse racing was thrown into limbo last year after the province announced it was ending its slots for racetrack program

That decision left the future of the historic race track in question at the end of the 2012 racing season.