Magna cancels contract with Oak Tree!
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Magna cancels contract with Oak Tree!
Magna has just told Oak Tree Racing Assoc that it will not renew its contract. No more Oak Tree meet at SA! I am astonished. Once again, Magna has to have every dollar on the table.
"When I am on my deathbed, I imagine I will say, 'Thank God I did that'" - Arthur Hancock, on buying back Gato del Sol from Europe after Exceller was killed in a slaughterhouse in Sweden.
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Shammy Davis
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According to the DRF, Magna is planning on re-negotiating the lease, not just getting rid of the Oak Tree meet. Hmmmm.....
"When I am on my deathbed, I imagine I will say, 'Thank God I did that'" - Arthur Hancock, on buying back Gato del Sol from Europe after Exceller was killed in a slaughterhouse in Sweden.
The tragedy is that Magna went bankrupt during one of the worst economic crisis in U.S. history, virtually wiping out all credit for ventures like buying racetracks.
Magna ends up with the best deal for creditors with weak bidding competition from outside entities.. It's a bummer.
Now that Magna has wiped out most of their debt they must smell blood in the water.
Hollywood Park has already stated they want out of racing and plan on developing their land holdings. Fortunately real estate development is at least 3-5 years away from viability. But it's easy to see that Magna could end up with all racing dates less Del Mar in a few years. Talk of expanding either Los Alamitos or Fairplex to full mile courses with inner turf is just talk IMO..
Magna ends up with the best deal for creditors with weak bidding competition from outside entities.. It's a bummer.
Now that Magna has wiped out most of their debt they must smell blood in the water.
Hollywood Park has already stated they want out of racing and plan on developing their land holdings. Fortunately real estate development is at least 3-5 years away from viability. But it's easy to see that Magna could end up with all racing dates less Del Mar in a few years. Talk of expanding either Los Alamitos or Fairplex to full mile courses with inner turf is just talk IMO..
Re: fairplex
tbrace wrote:Add to that situation the fact that Fairplex just moved to have rezoned ALL of their barn area to non equine use.
That's nice, so what no sales there either?
Years ago I worked the All Bred Sale in Pomona.
fastappy wrote:Stronach is the Charlie Finley of Horse Racing.
As a lifelong East Bay resident: Very aptly said.
"When I am on my deathbed, I imagine I will say, 'Thank God I did that'" - Arthur Hancock, on buying back Gato del Sol from Europe after Exceller was killed in a slaughterhouse in Sweden.
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fastappy
- Starters Handicap
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- Location: Northern California
Thanks Majxmom.
http://www.bloodhorse.com/horse-racing/ ... nt-actions
Well I'm sure glad the CHRB are putting MID in check. It's funny how a bankrupt organization, apparently unable to manage their own assets are going to offer their fix for California racing. I suspect it is a fix for Stronach first and foremost.
http://www.bloodhorse.com/horse-racing/ ... nt-actions
Well I'm sure glad the CHRB are putting MID in check. It's funny how a bankrupt organization, apparently unable to manage their own assets are going to offer their fix for California racing. I suspect it is a fix for Stronach first and foremost.
"He's by Damon Runyon out of a Don Rickles mare," Actor Jack Klugman
There certainly were some great quotes in that meeting. I'm so sorry I didn't attend, since it was at GGF. My favorites:
"I've learned a lot of things over the years, and one of them is, 'If it ain't broke, don't fix it.' There are a lot of things about California racing that need fixing, but Oak Tree isn't one of them." (Israel)
Brackpool said that until MID has a clear set of proposals, it should, in essence, pipe down. "You are like a bull carrying around your own china shop," he said. "Your first 15 days (of ownership) have been an unmitigated disaster for our sport."
I bet that MID rep walked away feeling like he wanted to key somebody's car.
"I've learned a lot of things over the years, and one of them is, 'If it ain't broke, don't fix it.' There are a lot of things about California racing that need fixing, but Oak Tree isn't one of them." (Israel)
Brackpool said that until MID has a clear set of proposals, it should, in essence, pipe down. "You are like a bull carrying around your own china shop," he said. "Your first 15 days (of ownership) have been an unmitigated disaster for our sport."
I bet that MID rep walked away feeling like he wanted to key somebody's car.
"When I am on my deathbed, I imagine I will say, 'Thank God I did that'" - Arthur Hancock, on buying back Gato del Sol from Europe after Exceller was killed in a slaughterhouse in Sweden.
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Worksoplad
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Re: fairplex
tbrace wrote:Add to that situation the fact that Fairplex just moved to have rezoned ALL of their barn area to non equine use.
Fairplex only applied to have three of the barns rezoned.
"Who kills a man kills a reasonable creature, but he who destroys a good book kills reason itself." John Milton.
Oak Tree, site decision upcoming. TJ
http://www.drf.com/news/article/114043.html
http://www.drf.com/news/article/114043.html