Fair Grounds, Churchill Downs Talks Stalled
19 Apr 2004
LOUISIANA – As reported by the Thoroughbred Times: "Discussions between Fair Grounds and Churchill Downs Inc. for the Louisville company to acquire the New Orleans track have stalled because the Fair Grounds is not willing to give up its appeal of a court's decision to award $89.9-million to horsemen for underpaid purses since the advent of video poker.
"…If the Fair Grounds and Churchill do not reach an agreement, then options include a blind auction with the court deciding who purchases the track, and another type of auction in which Churchill would be what Fair Grounds's bankruptcy attorney Douglas Draper referred to as 'a stalking horse,' whereby Churchill's bid would be known but would receive financial protections."