Land company buys Hollywood Park
Bay Meadows will take over racing at the track but will also seek "alternative uses" for the site.
By STEVE ANDERSEN
INGLEWOOD, Calif. - The Bay Meadows Land Company, which operates Bay Meadows racetrack in northern California, has agreed to purchase Hollywood Park from Churchill Downs Inc. for $260 million, officials from the two companies said Wednesday.
The deal, which is expected to be completed in the coming months, could lead to commercial or residential development of the 240-acre site on which the 67-year-old racetrack sits. The agreement was announced jointly by Churchill and Bay Meadows.
Mike Pegram, the prominent owner-breeder, has proposed a $40 million expansion of Los Alamitos Race Course in Orange County that would include the construction of a one-mile dirt track, a turf course, and renovations to the backstretch and grandstands.
Under Pegram's proposal, Los Alamitos would essentially replace Hollywood Park on the calendar, offering Thoroughbred racing in the afternoons and Quarter Horse racing in the evenings.
Hollywood Park has enjoyed a rich history since it opened in 1938. Seabiscuit won the first Hollywood Gold Cup, the track's signature race, which will be run for the 66th time on Saturday. Convenience beat Typecast in an $250,000 winner-take-all match race in 1972, and the pick six was introduced to the American racing audience in June 1980. The track ran the first $1 million race for 2-year-old Thoroughbreds when it staged the 1983 Hollywood Futurity.
Mike Pegram, the prominent owner-breeder, has proposed a $40 million expansion of Los Alamitos Race Course in Orange County that would include the construction of a one-mile dirt track, a turf course, and renovations to the backstretch and grandstands.
Under Pegram's proposal, Los Alamitos would essentially replace Hollywood Park on the calendar, offering Thoroughbred racing in the afternoons and Quarter Horse racing in the evenings.
Hollywood Park has enjoyed a rich history since it opened in 1938. Seabiscuit won the first Hollywood Gold Cup, the track's signature race, which will be run for the 66th time on Saturday. Convenience beat Typecast in an $250,000 winner-take-all match race in 1972, and the pick six was introduced to the American racing audience in June 1980. The track ran the first $1 million race for 2-year-old Thoroughbreds when it staged the 1983 Hollywood Futurity.
Bay Meadows will take over racing at the track but will also seek "alternative uses" for the site.
By STEVE ANDERSEN
INGLEWOOD, Calif. - The Bay Meadows Land Company, which operates Bay Meadows racetrack in northern California, has agreed to purchase Hollywood Park from Churchill Downs Inc. for $260 million, officials from the two companies said Wednesday.
The deal, which is expected to be completed in the coming months, could lead to commercial or residential development of the 240-acre site on which the 67-year-old racetrack sits. The agreement was announced jointly by Churchill and Bay Meadows.
Mike Pegram, the prominent owner-breeder, has proposed a $40 million expansion of Los Alamitos Race Course in Orange County that would include the construction of a one-mile dirt track, a turf course, and renovations to the backstretch and grandstands.
Under Pegram's proposal, Los Alamitos would essentially replace Hollywood Park on the calendar, offering Thoroughbred racing in the afternoons and Quarter Horse racing in the evenings.
Hollywood Park has enjoyed a rich history since it opened in 1938. Seabiscuit won the first Hollywood Gold Cup, the track's signature race, which will be run for the 66th time on Saturday. Convenience beat Typecast in an $250,000 winner-take-all match race in 1972, and the pick six was introduced to the American racing audience in June 1980. The track ran the first $1 million race for 2-year-old Thoroughbreds when it staged the 1983 Hollywood Futurity.
Mike Pegram, the prominent owner-breeder, has proposed a $40 million expansion of Los Alamitos Race Course in Orange County that would include the construction of a one-mile dirt track, a turf course, and renovations to the backstretch and grandstands.
Under Pegram's proposal, Los Alamitos would essentially replace Hollywood Park on the calendar, offering Thoroughbred racing in the afternoons and Quarter Horse racing in the evenings.
Hollywood Park has enjoyed a rich history since it opened in 1938. Seabiscuit won the first Hollywood Gold Cup, the track's signature race, which will be run for the 66th time on Saturday. Convenience beat Typecast in an $250,000 winner-take-all match race in 1972, and the pick six was introduced to the American racing audience in June 1980. The track ran the first $1 million race for 2-year-old Thoroughbreds when it staged the 1983 Hollywood Futurity.
