The Board of Directors of the Texas Thoroughbred Association has passed a resolution in support of an ownership transfer of Lone Star Park from Magna Entertainment Corp. to Global Gaming, it was announced in a press release Feb. 11.
Global Gaming successfully bid in U.S. Bankruptcy Court to purchase the assets of Lone Star Park for $47.8 million in 2009. However, the matter has been in front of the Texas Racing Commission and waiting for approval for 465 days as of today. By contrast, Global Gaming's approval from the Oklahoma Horse Racing Commission to take ownership of Remington Park took less than 100 days.
TTA President Dr. Jacquelyn Rich has sent the resolution to Texas Racing Commission Chairman Rolando Pablos.
"The TTA Board members believe it is unconscionable that Lone Star Park might be forced to close due to Magna Entertainment Corporation's inability to fund operations while a buyer, deemed valid and qualified by the bankruptcy court, waits impatiently," wrote Rich in the letter. "Impediments to this buyer have not been made public, nor does the TTA Board question the authority of the Texas Racing Commission to determine the buyer's qualifications.
"However,” she continued, “we do and will continue to question the length of time taken to date to resolve the ownership change and the perceived inertia that has set in surrounding this transaction, whose resolution is of paramount importance to the entire economic structure of the industry."
Consideration of the ownership change was on the agenda of the Nov. 16, 2010, meeting of the TRC but was withdrawn at the last minute without explanation. The next meeting of the TRC is tentatively scheduled for March 1 in Austin.