Churchill Downs to sell Ellis Park

Churchill Downs Inc. (CDI) has reached a definitive agreement to sell Ellis Park to a company

owned by Ron Geary, a Kentucky businessman and Thoroughbred owner. The transaction is expected to be

completed in the third quarter of 2006. Financial

details of the sale were not disclosed.

Geary recently retired as president and chief executive officer of ResCare, a

Louisville-based, publicly held provider of training and other services to

people with developmental and other disabilities. Geary previously served three

years as president of the Cincinnati Bible College.

Since the sale will not close before Wednesday's opening day of the 2006 meet, CDI has

signed a management agreement with Geary, which was endorsed Monday by the

Kentucky Horse Racing Authority. Geary will manage operations at the track until

the sale is complete. For the time being, Ellis Park will remain part of the

Churchill Downs Simulcast Network.

For the next five years, Churchill Downs will not apply for race dates beyond

the first week of July, and both Churchill Downs and Ellis Park will seek joint

approval from the Kentucky Horse Racing Authority to run concurrent race dates

during the week surrounding the July 4 holiday.

"I am focused on building a solid future for Ellis Park and look forward to

working with the Ellis Park team and our Kentucky horsemen to keep Ellis Park a

popular spot for summer racing for years to come," Geary said.