Rosecroft sold to Angelos

Rosecroft Raceway chief executive officer Tom Chuckas Jr. has confirmed to The Horseman that the Maryland racetrack has been purchased by the family of Baltimore Orioles' owner Peter G. Angelos. The agreement was reached by fax over the weekend, which still has to be approved by the Maryland Racing Commission.



The Angelos group has placed $7.5 million in escrow to pay off the track's mortgage. The total agreement is $13 million in cash plus a percentage of any slots revenue and a guarantee that at least $5 million in purses would be paid out annually.



The agreement calls for eight percent of the group's net slot revenue to go to purses, in addition to all of the slots revenue the state ends up giving the track if slot machines are allowed by the legislature in the future.



"Whatever future money Cloverleaf gets for slots, goes to purses," Chuckas told The Horseman Monday afternoon, Nov. 22. "Remember, the horsemen own the racetrack so there is no vehicle for anyone to get the money. There is no way here under the ownership structure that any individual in Cloverleaf can get money into their pocket. The only way Cloverleaf can benefit is racing for the purses."



There were reportedly three other offers to purchase the track---Douglas Development Corp., a Washington redeveloper of historic and other properties; Centaur Inc., which manages Hoosier Park; and the Prince Georgian Group, which consists of local African-American businessmen.



A lobbyist for the Angelos family added that plans for the site include a hotel and entertainment complex. The sale will also likely lead to the group trying to advance the approval of slot machines at the track.

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