Breeders' Cup Could Move From Santa Anita To Churchill This Year
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Churchill Downs' Contract To Host '10 Breeders'
Cup Makes Track Default Backup For '09 |
Breeders' Cup Ltd. has placed an April 30 deadline on "resolving issues surrounding the bankruptcy" of Magna Entertainment Corp. (MEC), or it will move the '09 event from MEC's Santa Anita Park to Churchill Downs, according to Matt Hegarty of the DAILY RACING FORM. Breeders' Cup officials said that attorneys for the Breeders' Cup and MEC, as well as MEC creditors, have been "working on a document for several weeks that would protect the current contract for the 2009 event regardless of any transfer or sale of Santa Anita." The officials said that the attorneys "have agreed on the language of the document," but the proposal "still needs the approval of a Delaware bankruptcy court judge, who is juggling a handful of complex proposals and objections related" to MEC's bankruptcy plans. Oak Tree Racing Association Exec Dir Sherwood Chillingworth, whose organization holds the Breeders' Cup contract, said, "Everyone's agreed to it, and no one's opposed to it. It's hard to believe that if you have every party to an issue on board with it, that it won't get done. But a bankruptcy court is a world unto itself." Breeders' Cup President & CEO Greg Avioli noted that a clause in Churchill Downs' contract to host the '10 event designates it as the backup for '09. Hegarty noted the Breeders' Cup has relocated from Santa Anita twice in the past 10 years, "but in both prior cases, the event was moved well in advance." In both situations, Santa Anita "pulled out because of ongoing construction projects at the track" (DRF.com, 4/20). Chillingworth yesterday indicated that he believes the situation "will be resolved." Churchill Downs Senior VP/Communications & National Public Affairs Kevin Flanery said that the track "does not expect the races to move from Santa Anita" (Louisville COURIER-JOURNAL, 4/21).
STILL ON HOLD: The U.S. bankruptcy court judge overseeing the MEC case yesterday postponed the hearing on the sale of MEC tracks, including Laurel Park and Pimlico Race Course, to May 4, the second time the case has been delayed. However, the judge yesterday did grant approval for $38.4M in financing for MEC to "continue operations," down from the $62.5M initially proposed. The maturity on the financing was extended 60 days until November 6, "allowing a longer marketing period for a potential sale" of MEC's assets. Meanwhile, MI Developments (MID), the controlling shareholder of MEC, yesterday said that it "will terminate a bid agreement with Magna to buy a handful of assets, including Gulfstream park in Florida and Lone Star Park in Texas." The bid had been valued at $195M. Several MEC creditors had "objected to MID's bid, arguing conflict-of-interest concerns" (Baltimore SUN, 4/21).
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