Churchill Downs Inc. announced Monday that it has ceased negotiations to acquire the financially troubled Fair Grounds Corp. in New Orleans, La.
An attorney for the Fair Grounds said Louisiana horsemen were on the verge of a settlement Friday night that could spare the New Orleans track from an auction in bankruptcy court later this month over a $90 million video poker judgement.
Fair Grounds, after failing to reach an agreement with Churchill Downs Inc. on a sale of the track, filed in bankruptcy court Monday evening a Chapter 11 reorganization plan that would allow for an auction of the track through the court.
Negotiations over the potential sale of Fair Grounds to Churchill Downs Inc. commenced Thursday afternoon but several issues remain unresolved, including whether current Fair Grounds president Bryan Krantz would maintain a position at the track.
An agreement has been reached between Churchill Downs Inc. and the Louisiana Horsemen's Benevolent and Protective Association to purchase the horsemen's legal claims against Fair Grounds, and a letter of intent was filed with track officials to purchase Fair Grounds.
Two more groups of investors, one of which includes Kentucky Derby-winning owner Mike Pegram, have expressed interest in acquiring a stake in Fair Grounds.
Wagering in the United States on Saturday's six-race Dubai World Cup card totaled $2,413,588, an increase of 2.3% from last year.
A state district judge ruled March 22 that Fair Grounds owes horsemen almost $90 million in damages from the video-poker lawsuit that led to the track's filing for Chapter 11 bankruptcy reorganization last August, the New Orleans Times-Picayune reported.
In a letter to horsemen at Fair Grounds Racecourse in New Orleans, La., track president and general manager Bryan Krantz has responded to comments by trainer Tom Amoss that were published in The Blood-Horse and New Orleans Times-Picayune. Here is the complete text of Krantz' letter.
Louie Roussel III, who owned a controlling interest in Fair Grounds until 1990, is the latest to make an offer for the New Orleans track. A week after Churchill Downs Inc. bid $28.5 million for Fair Grounds, Roussel upped the offer to $30 million, according to published reports.
Churchill Downs Inc. has apparently upped its interest in Fair Grounds. According to a local report, CDI offered $28.5 million to buy the New Orleans racetrack, though about $20 million of that would go to horsemen to settle a revenue dispute.
A Louisiana legislator said he and his partners received no income or preferential treatment through a deal in which Fair Grounds owners Bryan and Vickie Krantz paid their costs in connection with ownership of two Thoroughbred racehorses, the Times-Picayune reported.
Among the bills pre-filed in advance of the general legislative session in Louisiana is a measure to allow slot machines at Fair Grounds, the Times-Picayune reported today.
Fair Grounds Race Course will decrease its purses, effective with this Saturday's card, track officials announced Monday.
Three individuals and one horse make up the newest induction class of Fair Grounds' Racing Hall of Fame members: Marie G. Krantz, Anthony L. Zuppardo, Francis P. Dunne, and Davona Dale make up this year's inductees.
Fair Grounds president Bryan Krantz was re-elected to a one-year term as president of the Thoroughbred Racing Associations during the organization's annual meeting March 5 in New Orleans.
Fair Grounds president Bryan Krantz has been appointed the United States representative for Attheraces, an ambitious new online wagering and interactive television wagering company in the United Kingdom.
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