Bankruptcy Court approves Churchill's acquisition of Fair Grounds

Bankruptcy Court approves Churchill's

acquisition of Fair Grounds

The U.S. Bankruptcy Court approved the transfer of Fair

Grounds Race Course to Churchill Downs Inc. (CDI) on

Friday. CDI and Fair Grounds are expected to close the $47

million transaction on or before October 15.

Fair Grounds will become the seventh track owned by CDI. The

New Orleans facility begins its 82-day meet on November 25 and will run through

March 27, 2005.

"The bankruptcy court's ruling today brought us one step

closer to achieving what we believe is an excellent strategic fit

between Fair Grounds and CDI and an ideal entrée for our company

into a city and state with such rich racing heritage," said

Thomas Meeker, CDI's president and chief executive officer.

"The Fair Grounds' tradition, quality racing and winter-race

schedule are well complemented by CDI's operational expertise,

industry-leading brand and simulcast network."

Bryan Krantz, currently president and general manager of Fair

Grounds, will serve as Fair Ground's chairperson of the board for

a three-year term under the new owners.

"We have completed the major work necessary for the Fair

Grounds to have a more stable future," Krantz said. "Churchill

Downs is a racing company with the financial ability to give

historic Fair Grounds the security and stability it needs going forward. I truly believe Fair Grounds is poised for a bright

future and we are pleased to continue to be part of it."