Santa Anita Park owner Frank Stronach is coming to town this weekend to meet with local horsemen to talk about the state of the sport. He'll also meet with an engineer to discuss the pros and cons of a proposed new racing surface consisting of dirt, sand, and a small amount of fiber. He says it is a very safe surface. The question remains, who will foot the bill for it, since Stronach's Magna Entertainment Corporation (MEC) filed for Chapter 11 bankruptcy last year.
Santa Anita Park's current Pro-Ride synthetic track surface will be replaced with a dirt track after the Oak Tree meet ends October 31 and before Santa Anita Park's winter-spring season starts December 26, 2010. Frank Stronach said it will cost about $6 million to install.
Last year it seemed Santa Anita Park might be sold in a bankruptcy auction, but it appears owner Frank Stronach will keep an interest in the track. Under a deal arranged by Stronach's bankrupt Magna Entertainment Corp. (MEC) and its creditors in a Delaware bankruptcy court, ownership of the track would be transferred to MI Development, a real estate holding company controlled by Stronach. If a judge accepts the plan, Stronach would also retain ownership of Golden Gate Fields in the Bay Area, and Gulfstream Park in Florida. Also, it sets up developer Rick Caruso to proceed with building the Shops at Santa Anita mall that is proposed for the track's parking lot.
The Oak Tree Racing Association lost its lease to operate its fall horse racing meet at Santa Anita Park. Oak Tree has operated a fall meet at the track since 1969. Due to bankruptcy restructuring, Frank Stronach's company MI Developments took control of Santa Anita Park from Stronach's Magna Entertainment Corp (MEC). MI Developments wants to negotiate a new lease agreement with Oak Tree for fall racing.
The California Horse Racing Board authorized Oak Tree Racing Association to have its traditional fall meet at another thoroughbred venue in Southern California since the association's use of Santa Anita Park is still uncertain. MI Developments, which is chaired by Frank Stronach, recently voided Oak Tree's contract after acquiring the race track from Stronach's Magna Entertainment Corp (MEC) through federal bankruptcy proceedings. Oak Tree's director Sherwood Chillingworth said, "If we can't make a deal with Santa Anita...we can take our dates and run them in Hollywood or Del Mar."
Santa Anita Park's ownership changed hands on April 30 after Frank Stronach's Magna Entertainment Corp. (MEC) transferred many of its assets to Stronach's MI Developments (MID) (one of MEC's creditors), as part of a bankruptcy restructuring plan. Last week MI Developments, a real estate operating company, canceled its 2005 agreement with Caruso Affiliated to develop to the proposed mall known as The Shops at Santa Anita, but this week MI Developments hopes to work out a deal with developer Rick Caruso to build an upscale retail project in the track's parking lot.
Frank Stronach, chairman of MI Developments, is scheduled to address the California Horse Racing Board to address a number of issues, including a potential new racetrack surface for Santa Anita Park and the recent cancellation of its lease with the charitable Oak Tree Racing Association. Dennis Mills, MI Development's CEO and vice chairman has said Santa Anita Park might replace its synthetic track soon, which could jeopardize hosting Oak Tree's meet there.
Frank Stronach, chairman of MI Developments Inc. (MID), the owner of Santa Anita Park, will reveal a plan for Santa Anita Park on Wednesday to horse owners and trainers and he plans to address the California Horse Racing Board (CHRB). He did not discuss details but his plan aims to revitalize the ailing horse racing industry.
The California Horse Racing Board has approved Santa Anita Park's plan to resurface its main track with dirt. The Pro-Ride synthetic surface will be replaced by the first week of December.
Frank Stronach, chairman of MI Developments (MID), is requesting the California Horse Racing Board (CHRB) to allow additional racing days at Santa Anita Park and at his other track Golden Gate Fields. He wants the number of racing days to increase from 85 to 140 days per year, to run races when he thinks he'll get the most customers. In order for MID to maintain its license and run thoroughbred racing at Santa Anita Park and Golden Gate Fields, the CHRB has asked the company to submit a business plan. The plan has been a secret even to some of the company's board members. In the meantime, repairs are being made at Santa Anita Park in preparation for the fall Oak Tree meet (photo).
A drainage problem forced the cancellation of horse racing at Santa Anita Park since three inches of rain fell yesterday. The track has had to cancel racing 12 times since the synthetic track was installed two years ago. In 2006, the California Horse Racing Board banned dirt surfaces from thoroughbred tracks. Santa Anita Park has tried two synthetic tracks but the surfaces have not worked out. Officials announced they will replace the synthetic surface before the Oak Tree Meet in the fall.
Canadian billionaire Frank Stronach, who is about to become the sole owner of Santa Anita Park, said he hasn't ruled out talking to developer Rick Caruso about reviving a project to build an outdoor mall in the race track's parking lot. Last week Caruso announced that he is no longer pursuing a development deal with Santa Anita Park's outgoing owner, MI Developments, Inc. (MID), for the upscale Shops at Santa Anita. Stronach is the outgoing chairman of MID.
Arcadia officials will meet with Santa Anita Park's majority owner Frank Stronach, to talk about the mall project that fell through with Caruso Affiliated, and to see if Stronach still envisions a high end retail project to develop on the track parking lot.
Frank Stronach, chairman of MI Developments, the owner of Santa Anita Park, says he is optimistic his company can work out a new deal with developer Rick Caruso to build an outdoor mall at Santa Anita Park, even though he voided a 2005 joint-venture agreement with Caruso in April to build the Shops at Santa Anita mall in the race track's parking lot.
Santa Anita Park will host the Oak Tree Racing Association's fall meet one last time. Oak Tree's five-week fall meet has been held at Santa Anita Park since 1969. Frank Stronach, chairman of MI Development (owner of Santa Anita Park), said he doesn't want to have a tenant (Oak Tree) in the long run and talked about deregulation of the horse racing industry.
Santa Anita Park's synthetic track surface will be removed and a new $5 million plus dirt surface, closely resembling the ones at Churchill Downs, Gulfstream Park and the Oklahoma training track at Saratoga, will be installed. Ted Malloy is the racing surface consultant. He hopes to have the new track in by December 6.
Santa Anita Park's owners want rock group KISS's singer Gene Simmons for a public relations and marketing gig. Despite several changes in recent months, track owner Frank Stronach, 80, said Santa Anita Park continues to fall short of his financial expectations.
Is the Sport of Kings on the line? Santa Anita Park bans Hall of Fame trainer Jerry Hollendorfer. Stronach Group released this statement in the wake of another equine fatality, "Individuals who do not embrace the new rules and safety measures that put horse and rider above all else will have no place at any Stronach Group race track.