Churchill Downs agrees to purchase property

Dec 8, 2009 2:07 AM
Industry Insider by Ray Poirier |

When Dick Duchossois agreed to sell Arlington International racetrack near Chicago, Illinois, to Churchill Downs Inc. (CHDN) back in 2000, he also agreed to give the buyer an option on the track’s real estate.

Finally, Churchill has agreed to purchase the property from The Duchossois Group Inc. for $27.5 million.

When he sold the racetrack, Duchossois became the largest single stockholder in Churchill Downs Inc. and became a member of the company’s board of directors. Since then, the former racetrack operator has added to his holdings while promoting his son, Craig, and Bob Fealy, both executives with The Duchossois Group Inc., to Churchill’s board of directors.

To maintain an arms-length approach to the real estate purchase, the agreement was pursued by "disinterested directors" of Churchill’s board.

Question? Comment? E-mail me at: Ray Poirier