Angelos Family Enters Agreement to Buy Rosecroft Raceway
Updated: Tuesday, November 23, 2004 8:28 AM
Posted: Monday, November 22, 2004 3:51 PM
The family of Baltimore Orioles' majority owner Peter Angelos signed an agreement Nov. 20 to buy Rosecroft Raceway, a struggling harness track in Maryland just outside Washington, D.C.
The deal, if approved by the Maryland Racing Commission, would likely enhance the chances of slot machines being authorized in the state. Angelos wields significant influence in Annapolis, where lawmakers, starting in January, will debate for the third consecutive year the possible legalization of slots in Maryland.
Major League Baseball prohibits a team owner from holding gambling interests. But Angelos' wife and son, who are not owners of the Orioles, can own a racetrack. They agreed to pay $13 million for Rosecroft, which had faced a foreclosure sale at auction Dec. 2.
Tom Chuckas Jr., president and CEO of Rosecroft, said the Angelos deal would allow the track to resolve the dispute with its mortgage holder. The Angelos group also signed a 10-year purse agreement that would ensure the continuation of racing.
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