ratpack
07-06-2005, 08:01 PM
CREDIT THE Blood Horse for this story..
I did some minor edit so the jist of the story is COMPLETE
Churchill Downs Inc. announced Wednesday that it will sell historic Hollywood Park and surrounding acreage at the Inglewood racetrack to Bay Meadows Land Co. LLC for $260 million.
The deal is expected to close in the third quarter.
Bay Meadows Land Co. will buy the land and facilities at the 67-year-old track and assume management of racing operations. BMLC also owns Bay Meadows racetrack in Northern California.
Terrence Fancher, president of BMLC, said the company plans to apply for a license from the California Horse Racing Board to continue racing at Hollywood Park.
At the same time, Fancher said BMLC "will seek alternative uses for the current racetrack site, in collaboration with the city of Inglewood, in the event that our best efforts are unable to improve the underlying economics of the horse racing industry and to stem the tide of horses leaving the state."
Hollywood Park opened in 1938, financed by such glitzy investors as Jack Warner, head of Warner Bros. Studio, Al Jolson, Walt Disney, Bing Crosby and Samuel Goldwyn.
The 238-acre site near Los Angeles International Airport is believed to have significant real estate value.
BMLC is owned by Stockbridge Real Estate Fund LP, a private partnership formed to invest in real estate. Stockbridge bought Bay Meadows four years ago and announced plans to replace the track with a mix of residential and commercial development, but the track is still operating.
Hollywood Park's future had been in doubt since February, when Churchill Downs Inc. announced it was exploring options for the track.
CDI has been disappointed with the track's financial performance since buying the facility in 1999 for $140 million from then-owner Hollywood Park Inc., which now does business as Pinnacle Entertainment Inc.
Pinnacle will continue to operate the Hollywood Park Casino under a long-term lease.
Hollywood Park is located 11 miles southwest of downtown Los Angeles. It offers live Thoroughbred racing during its spring-summer meet from April 22-July 17, and during its autumn meet from Nov. 9-Dec. 19.
I did some minor edit so the jist of the story is COMPLETE
Churchill Downs Inc. announced Wednesday that it will sell historic Hollywood Park and surrounding acreage at the Inglewood racetrack to Bay Meadows Land Co. LLC for $260 million.
The deal is expected to close in the third quarter.
Bay Meadows Land Co. will buy the land and facilities at the 67-year-old track and assume management of racing operations. BMLC also owns Bay Meadows racetrack in Northern California.
Terrence Fancher, president of BMLC, said the company plans to apply for a license from the California Horse Racing Board to continue racing at Hollywood Park.
At the same time, Fancher said BMLC "will seek alternative uses for the current racetrack site, in collaboration with the city of Inglewood, in the event that our best efforts are unable to improve the underlying economics of the horse racing industry and to stem the tide of horses leaving the state."
Hollywood Park opened in 1938, financed by such glitzy investors as Jack Warner, head of Warner Bros. Studio, Al Jolson, Walt Disney, Bing Crosby and Samuel Goldwyn.
The 238-acre site near Los Angeles International Airport is believed to have significant real estate value.
BMLC is owned by Stockbridge Real Estate Fund LP, a private partnership formed to invest in real estate. Stockbridge bought Bay Meadows four years ago and announced plans to replace the track with a mix of residential and commercial development, but the track is still operating.
Hollywood Park's future had been in doubt since February, when Churchill Downs Inc. announced it was exploring options for the track.
CDI has been disappointed with the track's financial performance since buying the facility in 1999 for $140 million from then-owner Hollywood Park Inc., which now does business as Pinnacle Entertainment Inc.
Pinnacle will continue to operate the Hollywood Park Casino under a long-term lease.
Hollywood Park is located 11 miles southwest of downtown Los Angeles. It offers live Thoroughbred racing during its spring-summer meet from April 22-July 17, and during its autumn meet from Nov. 9-Dec. 19.