|Churchill Downs Inc. (CDI) has completed an agreement with Centaur Racing LLC, a privately held company, to sell 15 percent interest in Hoosier Park, LP, which owns the Anderson, Ind., racetrack and related off-track betting operations. Churchill Downs Inc. made the agreement through its wholly owned subsidiary, Churchill Downs Management Company.|
The 15 percent stake was purchased for $4.5 million. The sale, which was approved last week by the Indiana Horse Racing Commission, was part of a transaction that coincided with Centaur’s purchase of the entire 10 percent interest in Hoosier Park held by Conseco HPLP, LLC, formerly a limited partner in Hoosier Park.
Churchill Downs Management Company retains a 62 percent interest in Hoosier Park and will continue running its day-to-day operations. Centaur, who is based in Indiana, now owns 38 percent of Hoosier Park. Through the agreement, Centaur also has options to purchase additional CDMC partnership interest.
CDI’s president and chief executive officer, Thomas H. Meeker, said, “We believe this transaction is an important step towards ensuring the long-term prospects for this track and for Indiana horse racing.” He also called the sale ‘beneficial to all parties.’
Churchill Downs Inc., headquartered in Louisville, KY., owns and operates horseracing venues throughout the United States.