by John Pawlak, marketing director, USTA

Columbus, OH — Today’s edition of the Indianapolis Star is reporting that Carmel, Ind. home builder and Standardbred breeder and owner Paul Estridge, Jr. and his family will direct millions towards small businesses and charity in the state following the sale of their part ownership of Indiana Downs.

The Indiana Horse Racing Commission has approved Estridge’s sale of a 34 percent share in the ownership of the racetrack to Oliver Racing, the track’s other owner, for a reported $58 million.

The State of Indiana will pocket $9 million, an amount set by state law, which Indiana will use for funding property tax relief; $9 million will be given to the Legacy Fund, a branch of the Central Indiana Community Foundation, to fund a wide range of charitable and social programs; and an additional $10 million will benefit small businesses in Indiana, although the specifics regarding that grant were not immediately known.

Oliver Racing, when the sale closes tomorrow, will own 95 percent of Indiana Downs, which is preparing to expand its property and build a racino containing 2,000 slot machines on its Shelbyville, Ind. property.