Churchill Downs to Buy Track for $45 Million

LOUISIANA – As reported by the Thoroughbred Times: "Churchill Downs Inc. and the Louisiana Horsemen's Benevolent and Protective Association have reached an agreement under which the Louisville-based racetrack company would buy legal claims against the Fair Grounds and assume ownership of the New Orleans track for $45-million.

"The proposal calls for Churchill to pay the Louisiana horsemen $33-million for what Fair Grounds owes them in purse underpayments from video poker and $12-million to Fair Grounds's other creditors, according to a letter of intent signed by Churchill officials and reported by the New Orleans Times-Picayune.

"Fair Grounds officials have until 4 p.m. on Wednesday to sign the letter of intent. Under the agreement, Fair Grounds would not be able to talk with other potential buyers…"