Bankruptcy Court approves Churchill’s
acquisition of Fair Grounds
The U.S. Bankruptcy Court approved the transfer of Fair
Grounds Race Course to Churchill Downs Inc. (CDI) on
Friday. CDI and Fair Grounds are expected to close the $47
million transaction on or before October 15.
Fair Grounds will become the seventh track owned by CDI. The
New Orleans facility begins its 82-day meet on November 25 and will run through
March 27, 2005.
“The bankruptcy court’s ruling today brought us one step
closer to achieving what we believe is an excellent strategic fit
between Fair Grounds and CDI and an ideal entrée for our company
into a city and state with such rich racing heritage,” said
Thomas Meeker, CDI’s president and chief executive officer.
“The Fair Grounds’ tradition, quality racing and winter-race
schedule are well complemented by CDI’s operational expertise,
industry-leading brand and simulcast network.”
Bryan Krantz, currently president and general manager of Fair
Grounds, will serve as Fair Ground’s chairperson of the board for
a three-year term under the new owners.
“We have completed the major work necessary for the Fair
Grounds to have a more stable future,” Krantz said. “Churchill
Downs is a racing company with the financial ability to give
historic Fair Grounds the security and stability it needs going forward. I truly believe Fair Grounds is poised for a bright
future and we are pleased to continue to be part of it.”