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Rosecroft sale approved

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January 12, 2005 Send To A Friend  | Print View

The Maryland Racing Commission on Tuesday granted unanimous approval for the sale of Rosecroft Raceway to Georgia K. Angelos, the wife of Baltimore Orioles majority owner Peter G. Angelos.



Operating as Rosecroft Holdings, Georgia Angelos is expected to complete the purchase in 30 to 60 days. Documents filed with the racing commission said Rosecroft Holdings will pay $13 million for Rosecroft Raceway. Rosecroft Holdings has already advanced the track $7.2 million to pay off its mortgage with Northwind Racing. It also advanced the track $500,000 as a deposit, with the remaining $5.3 million to be paid at closing.



The purchase agreement guarantees 150 days of racing and purses of about $43,000 a day. Also, if slot machines are added at Rosecroft Raceway, eight percent of the owner's share will be added to purses. Rosecroft Holdings would then also have to bring in 25 percent minority ownership or establish a nonprofit community foundation of equal value.

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