Churchill Downs Inc.’s wholly-owned subsidiary Arlington Park has entered into an agreement to purchase approximately 66.8 acres of leased land which is currently part of Arlington Park’s racing facilities in Arlington Heights, Ill., from The Duchossois Group for a total purchase price of $27.5 million, as of Dec. 3.
As part of the merger of Arlington Park and CDI in September 2000, Arlington Park entered into a Lease and Option Purchase agreement with The Duchossois Group regarding this property, which is used in the conduct of Arlington Park’s racing operations.
Arlington Park has leased this land from The Duchossois Group since the 2000 merger. This option agreement, which specifies the price and other terms of purchase, expires in September 2010 and CDI has determined that it would be in its best interest to exercise the purchase option at this time.
Richard Duchossois, Craig Duchossois, and Robert Fealy serve as chairman, chief executive officer, and director of the Duchossois Group, respectively. All three men are also directors and shareholders of CDI.
Pursuant to CDI’s written policies and procedures for identifying and approving, or ratifying, related-persons transactions, the purchase of this land was unanimously approved by the disinterested directors of CDI’s board of directors.