LOUISVILLE, Ky., April 13 (UPI) -- Churchill Downs Inc. has reportedly offered to buy the bankrupt Fair Grounds Race Course in New Orleans for $45 million.
The deal would give $33 million to a Louisiana horsemen's group to drop legal claims against the Fair Grounds Race Course, which filed for Chapter 11 protection from creditors in August, the New Orleans Times-Picayune reported.
Fair Grounds must file a reorganization plan by Wednesday afternoon. Churchill Downs officials had no comment.
The track was forced into bankruptcy when a Louisiana court ruled it owed horsemen potentially $90 million in video-poker proceeds allegedly withheld from purses.
The Louisville Courier-Journal said acquisition of Fair Grounds would allow Churchill Downs Inc. to offer simulcast live racing in winter months when Churchill's other tracks are closed.
