Churchill Downs Offers to Buy Louisiana Track
5 Mar 2004
KENTUCKY – As reported by the Lexington Herald: "Churchill Downs Inc. has offered $28.5 million to buy the Fair Grounds racetrack in New Orleans, according to a published report.
"Yesterday, The New Orleans Times-Picayune quoted anonymous sources saying the Louisville-based racing company is one of 10 potential buyers for the track, which is in bankruptcy.
"…The track filed for Chapter 11 bankruptcy protection in August after a court ruled the track owes an estimated $60 million to $90 million in video-poker revenue to Louisiana horsemen.
"…Horsemen would get $20 million out of Churchill's bid, according to the Times-Picayune report…"