Breeders' Cup Set For Churchill, But Deal May Hinge On Tax Break
Breeders' Cup execs "could change their minds about bringing the world championships back to Churchill Downs in 2010 if they don't get a tax break," according to Gregory Hall of the Louisville COURIER-JOURNAL. A Kentucky state provision that expires next year "allows a pari-mutuel tax exemption when the thoroughbred races are held in Kentucky." Breeders' Cup President & CEO Greg Avioli said, "If the tax break is not extended, we do have the ability not to go forward with the event." When asked "how serious is the threat to back out of the Churchill deal, Avioli would say only that he believes that the tax break will be extended." Avioli: "The economic impact of bringing the Breeders' Cup to the state of Kentucky, to the area in Louisville is vastly greater than the amount of revenue that's needed to extend that tax provision. You're talking over $50[M] of economic impact. So I think it's in everyone's best interest for the state to have that done." Before the Breeders' Cup returned to Churchill Downs in '06 after a six-year absence, the General Assembly "approved a pari-mutuel excise tax exemption for the event that would roll over as long as the event returned to the state at least every three years." State officials said that the "one-day break amounted to about $600,000" (Louisville COURIER-JOURNAL, 10/9).
MY OLD KENTUCKY HOME: BLOODHORSE.com's Tom LaMarra reported the Breeders' Cup World Championships' return to Churchill Downs in 2010 could begin a "regular run of the Kentucky racetrack serving as a host site." Churchill has hosted the event six times and "has accounted for six of the seven largest crowds." Yesterday's announcement "also marked a major shift, as until a few months ago it appeared Churchill and Breeders' Cup officials were at odds over a revenue-sharing deal the track would accept." Avioli said that Breeders' Cup is "seeking a 'multi-year rotation' for the event, but it's too soon to speculate on the tracks or the number of tracks that would be involved." The Breeders' Cup this year will have its 25th running from October 24-25 at Santa Anita Park in California. Santa Anita also will host the '09 event. LaMarra noted the race "has been held at 10 different tracks, though most have been repeat hosts" (BLOODHORSE.com, 10/8). Meanwhile, Avioli "discounted" NYRA President Charles Hayward's assertion that there "had been an informal agreement between NYRA and the Breeders' Cup for Belmont Park to host the 2010 event." Avioli: "We had a discussion. There was never a deal" (DRF.com, 10/8). Hayward last month said that the NYRA "reached a handshake agreement with Breeders' Cup" this spring for Belmont Park to be the site for the 2010 event. Hayward indicated that Breeders' Cup "decided to go with Churchill instead this summer without offering NYRA a chance to respond" (THOROUGHBREDTIMES.com, 10/8).
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