The board of directors of Cloverleaf Enterprises, Inc., has rejected a counteroffer by casino company Bally's to bail out Rosecroft Raceway and Ocean Downs.
"We're back to square one," said Cloverleaf president Gerald Brittingham. "They made some changes in our offer and some other caveats were in it that were voted down."
The offer involved Bally's forgiving its $10 million loan to Cloverleaf in exchange for transferring ownership to the casino company. In the original proposal, Bally's would guarantee five years of live racing at the two harness tracks.
In the counterproposal, only three years of racing would have been guaranteed and restrictions would have been placed on horsemen regarding obligations to run in Maryland and the number of live racing days.
The boards of Cloverleaf and the Standardbred Owners' Association (the overall representative of the horsemen) will meet Dec. 3 to ponder their next move.
In the meantime, Bally's could get back to them with another modified proposal.
Pub Date: 11/24/96