by Larry Stewart
The California Horse Racing Board on Friday approved Hollywood Park’s request to conduct its regular 60-day, spring-summer meeting from April 21 to July 18 but failed in its objective of getting definitive answers about the Inglewood racetrack’s future–or lack thereof.
Appearing before the board was Chris Meany, senior vice president of what now is known as the Hollywood Park Land Co., a subsidiary of Stockbridge Capital Partners, the Bay Area group that plans to tear down Hollywood Park and develop its 238-acre site.
The CHRB’s position is that Stockbridge has “a sword hanging over the head” of other Southern California racetracks until it can come up with a timetable regarding Hollywood Park’s development.
Although continually pressed, Meany stood his ground and said no decisions could be made until “it is clear that the world’s economy is going to get better.”
Meany did offer one bit of news, saying that the Hollywood Park site would not be developed all in one fell swoop and that some portions of the property would be leased to other entities.
For the most part, things were contentious between CHRB members and Meany. At one point, Meany referred to the proceedings as “adversarial.”
“I don’t feel very welcome here,” Meany said.
It was after the discussion regarding Hollywood Park’s future that the dates for the spring-summer meeting were approved. During that meeting, there will be racing Wednesday through Sunday of each week, with no live racing on five Thursdays.
The last item on the agenda of the lengthy meeting was a discussion of the bankruptcy filing by Magna Entertainment Corp. last year and the recent reorganization plan by the company that owns two California racetracks, Santa Anita Park and Golden Gate Fields.
Attorney Greg Scoggins was the man in the hot seat this time.
“If you thought things were adversarial before, you haven’t seen anything yet,” said Keith Brackpool, the CHRB’s relatively new no-nonsense chairman.
The CHRB has filed an objection to the company’s reorganization plan that includes using a portion of pari-mutuel wagering pools to help pay off its debts. This appears to be a double whammy to satellite wagering sites that are among MEC’s creditors.
In filing the objection, Brackpool pointed out the satellite sites would be “receiving pennies on the dollar.”
“This involves more than $3 million, which California horse racing desperately needs,” Brackpool said.
As for the MEC bankruptcy filing in general, board member John Harris took a shot at Frank Stronach, who oversees the empire that now operates under Magna International Developments and its many subsidiaries.
“Frank Stronach is always emphasizing free enterprise,” Harris said. “Hiding behind bankruptcy laws is not the best example of free enterprise.”
Larry Stewart is a California-based Thoroughbred Times correspondent