Santa Anita Park Confident In Ability To Host '09 Breeders' Cup
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Breeders' Cup Officials Still Intend To Stage
World Championships At Santa Anita |
Santa Anita Park and Oak Tree Association Racing, which holds the Breeders' Cup contract, yesterday “expressed confidence” that the Breeders’ Cup “would proceed as scheduled for November 6-7 during the Oak Tree fall meet at Santa Anita,” according to Larry Stewart of THOROUGHBRED TIMES. Breeders’ Cup officials in a statement Monday said, “Our intention is to stage the Breeders’ Cup World Championships at Santa Anita during the Oak Tree meeting.” Stewart noted attorneys representing Breeders’ Cup Ltd., Santa Anita Park Owner Magna Entertainment Corp. (MEC), which recently filed for bankruptcy, and Magna creditors “have been working on a legal document for several weeks that would protect the current contract, regardless of any transfer or sale of Santa Anita.” Santa Anita President & CEO and MEC COO Ron Charles: “We made a lot of progress [yesterday]. We believe we have the proper language and it will be accepted by the bankruptcy court” (THOROUGHBREDTIMES.com, 4/21).
SHORT-TERM LOAN: DAILY RACING FORM’s Matt Hegarty reported MEC “received approval on Monday for $38.5[M] in loans from its largest creditor and parent company so that it can continue to fund its operations while reorganizing.” MEC “had initially reached an agreement with its parent company, MI Developments, for $62.5[M], but the companies pared the request just prior to the hearing.” Meanwhile, U.S. Bankruptcy Court Judge Mary Walrath set May 4 and May 7 as hearing dates to “hear motions on plans for Magna to auction off its properties” (DRF.com, 4/21).
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