Frank Stronach, founder and chairman of the board of Magna International Inc., is buying Santa Anita Park from Meditrust. The $126 million purchase is expected to close today.
The Santa Anita Companies and Meditrust, the nation's largest health-care real estate investment trust, have completed a $383 million deal to merge the two companies.
International businessman and horse owner Frank Stronach confirmed Tuesday that he and Meditrust, the parent company of Santa Anita Park, have signed a letter of intent under which he will buy the race track.
Although Magna Entertainment Corp. (MEC) , the parent company of Santa Anita Park race track, filed for bankruptcy protection yesterday, the fate of the track's paymaster accounts remains uncertain. The bankruptcy judge could declare the $15 million, which was placed in the joint trust account, an asset of MEC and order it frozen.
Santa Anita Park on Verge of new era. New Santa Anita Park Chief Executive Officer (CEO) Mark Verge will re-institute its "Free Fridays" promotion. Starting this Friday and every Friday for the rest of the meet, all fans will be given free grandstand admission and the price for hot dogs, sodas and beer will be cut to $2. Previous CEO Greg Avioli resigned earlier this month.
Santa Anita Park race track's CEO and President Ron Charles said Santa Anita Park race track will not be sold to help Magnum Entertainment Corporation eliminate a $600-million-plus debt. However, Santa Anita Park race track is entertaining discussions with Magnum Entertainment Corporation concerning potential partnerships or joint ventures on a minority interest basis. Includes a historical timeline.
The Santa Anita Cos., Monday reaffirmed its commitment to the previously announced strategic alliance with Colony Capital and its affiliates, saying that a rival bid by Newport Beach based Koll Arcadia Investors was "incomplete."
Santa Anita Park president Jack Liebau recently resigned because of disagreements with Magna Entertainment's Frank Stronach over the direction the track is headed.
Santa Anita Companies has announced earnings for the year ending December 31, 1981. Revenues were up 23.5%. Shares of the two companies, Santa Anita Operating Company and Santa Anita Realty Enterprises, Inc., are offered on the New York Stock Exchange under the name Santa Anita Realty Enterprises.
The Santa Anita Companies and AMC Theatres announced a definitive agreement for AMC to build a 25 screen multiplex adjacent to the Santa Anita Park race track and Fashion Park Mall.
Santa Anita Park CEO, Mark Verge, resigns, after some criticism from California Horse Racing Board and a verbal altercation with trainer Bob Baffert's wife. George Haines, General Manager, is expected to run Santa Anita Park.
Newport Beach real estate developer Don Koll and Leon Black of New York-based Apollo Real Estate Advisors have made an unsolicited offer to invest approximately $180 million in Arcadia-based Santa Anita Cos.
Dennis Mills, vice chairman and CEO of Canada-based MI Developments, which owns Santa Anita Park, said the company will be unveiling a new business plan. This new business plan has many horse racing industry people worried about the future.