Sale of Laurel and Pimlico not done yet, De Francis says

January 18, 1994|By Ross Peddicord | Ross Peddicord,Staff Writer

No deal was finalized yesterday in the possible sale of Laurel and Pimlico race courses to new investors.

R.D. Hubbard, chairman of the board and principal stockholder of Hollywood Park, was in New York for a Thoroughbred Racing Association news conference.

His lawyers, in Los Angeles, could not get to their office buildings or gain access to documents to move along the possible purchase of Laurel/Pimlico because of the earthquake in Southern California.

Hollywood has offered to buy 80 percent equity in the tracks, including stock owned by the Manfuso brothers, the tracks' executive vice president and general counsel Martin Jacobs and Karin Van Dyke, sister of current operator Joe De Francis, for $15 million.

De Francis is still negotiating with a group of local investors who are interested solely in buying the Manfusos' shares for $8.2 million. Included in the group are Baltimore businessman Henry Rosenberg and local horse owner Arnold Heft. De Francis and Heft would not comment on the progress of negotiations. Rosenberg did not return phone calls.

A deal has to be reached by Friday when De Francis must either buy the Manfusos' shares or sell his interest to them for $8.2 million.

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