by John Pawlak, marketing director, USTA

Columbus, OH — Carmel, Ind. home builder and Standardbred owner/breeder Paul Estridge, Jr. and his family plan to sell their stake in Indiana Downs, and as part of the transaction the state of Indiana would pocket $9 million.

The sum would — if the sale is approved by the Indiana Horse Racing Commission — be put aside for property tax relief in the state. The state’s cut comes as the result of regulations recently passed by Indiana regulators.

The Estridge interests, which amount to 34 percent of ownership, would be sold to the remaining partners in the track for $58 million — amounts included in a filing with the Commission.

“The Horse Racing Commission is acting vigorously to see that Indiana property taxpayers will share in the large gains made due to the value given the tracks through the slot machine licenses,” Indiana Governor Mitch Daniels was quoted as saying on Wednesday in a statement printed by the Indianapolis Star.

If the sale is approved by the Commission, perhaps as early as next Tuesday, Oliver Racing LLC would own more than 95 percent of Indiana Downs.

The track must pay a $250 million license fee to the state in order to open a racino; the first installment for which must be paid by November 1. The track has reportedly hired a New York City investment firm to raise $545 million, which was said to be the amount needed to finance the project.