An agreement transferring the master lease on Lone Star Park from the city of Grand Prairie, Texas to Magna Entertainment (MEC) was unanimously approved by the Grand Prairie Sports Facilities Development Corporation (GPSFD), the seven-member board appointed by the city of Grand Prairie to serve as landlord of the track. The transfer is pending approval by the Texas Racing Commission.
"The negotiations with Magna Entertainment went very smoothly," said Bryan Arnold, chairman of the GPSFD Contract Negotiations Committee. "We were very impressed with their corporation and thorough preparation. The documentation is done and read to be signed, pending Texas Racing Commission approval."
The state racing commission was originally scheduled to vote on the sale of Lone Star Park on Sept. 19, but the meeting has been postponed until Oct. 16.
"We respect the right of the Texas Racing Commission to postpone the date of the hearing and look forward to having our purchase of Lone Star Park presented to the commission in October," said Jim McAlpine, president and CEO of MEC. "We are making considerable progress toward closing the transaction as evidenced by Grand Prairie's approval to transfer the master lease agreement to MEC."
In March, MEC entered into an agreement to purchase Lone Star Park for a price to be satisfied by the payment of $80 million in case and the assumption of certain liabilities, including a capital lease obligation of approximately $19 million.