Hollywood Park sold

Hollywood Park has passed to new ownership (Michael J. Marten/Horsephotos.com)

Churchill Downs Inc. has signed an agreement with Bay Meadows Land Co. to

sell Hollywood Park for $260 million, it was announced Wednesday. The deal is

expected to be finalized in September and could lead to commercial and/or

residential development of the 240-acre site, which is located 11 miles southwest of

downtown Los Angeles and three miles from Los Angeles International Airport.

Churchill Downs purchased the 67-year-old track for $140 million in September

of 1999.

Under terms of the sale agreement, Bay Meadows Land Co., which operates Bay

Meadows Race Course in San Mateo, California, will conduct racing at Hollywood

Park for three years. However, Bay Meadows Land Co. President Terrence Fancher said

that if laws affecting racetracks in the state are not changed, keeping the track

open over the long term would not be cost effective.

Should changes in state laws permit alternative gaming at the track, or

gaming subsidies, Churchill Downs would be allowed to reinvest in Hollywood Park,

according to a provision in the sale agreement. In addition, Churchill Downs'

simulcast network will distribute the simulcast signal for Bay Meadows and

Hollywood Park.

Hollywood Park opened in 1938 and hosted the inaugural Breeders' Cup in 1984.

It was the site of a $250,000 winner-take-all match race between Convenience and

Typecast in 1972 and offered the first $1 million race for two-year-olds when

it held the 1983 Hollywood Futurity (G1). The track introduced the American public

to the Pick 6 in June 1980.