Churchill Downs makes the original offer from New Orleans
Churchill Downs Inc. announced purchase the financial difficulties of New Orleans Fair Grounds for $ 45 million, according to a published report.
Residents of Kentucky companies to reach an agreement with Louisiana rider’s club for the purchase of their rights against the right path and then the offer, The Times-Picayune reported Tuesday.
The newspaper said it had documents in connection with the proposal. The fair faces a Thursday deadline for submitting a plan of bankruptcy.
According to the proposal of Churchill, $ 33 million would go for riders Louisiana, with $ 12 million to mass “of other creditors, according to a letter of intent signed by Churchill officials.
Churchill mass within 4 hours of Wednesday the signing of writing.
If Fair Grounds officials agree, the runway are not allowed to open negotiations with other potential buyers for a specified period. But the Krantz family, which holds a controlling stake in the fair, may also refuse the offer and try to reach an agreement with another buyer or find another way to achieve the runway debts.
“We are looking and evaluating our options,” said Fair Grounds bankruptcy lawyer Douglas Draper. “There are things we can live, and there are things that bother.”
Churchill spokesman Julie Koenig refused to comment.
The court decided last month that the mass of riders is $ 89.9 million for retention of video poker revenue for the money in scholarships over the past ten years, so that riders by far the fair ” biggest creditors.
As a result of the agreement between Churchill and Louisiana and Horsemen’s Protective Association nonprofit, riders, with about 35% of the judgement.
Oran Trahan, president of the equestrian club, went to discuss any specific deal.
According to documents the offer, Churchill would buy the racecourse and its six off-piste trail salons bets. The offer does not include the five OTBs of Finish Line Management, a private company owned by the family Krantz.
As the evidence, the operation would also be Churchill according to obtain licenses to operate the line, a project of casino gambling automatic track and video poker machines on the OTBs.
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