Home | Classifieds | Place an ad | Obituaries | Public Notices | Galleries | Opinions | Real Estate Search | 928 Media Lab | Contact Us | Subscribe
Prescott Valley Tribune | Prescott Valley, Arizona

home : latest news : local February 5, 2016


1/31/2013 8:21:00 AM
Miller signs on:
Yavapai Downs racetrack sale won't be official until next week
Gary Miller inspects Yavapai Downs’ buildings and grounds Dec. 10, 2012.
Photo courtesy Les Stukenberg
Gary Miller inspects Yavapai Downs’ buildings and grounds Dec. 10, 2012.
Photo courtesy Les Stukenberg

Joanna Dodder Nellans
Special to the Tribune


The potential new owner of Yavapai Downs has done his part, signing on Wednesday to the $5.5 million deal to purchase the horse racetrack, but the closing has been delayed for as long as a week.

A bankruptcy judge had ordered the sale to close by Wednesday, but bankruptcy Trustee Brian Mullen said Wednesday that the deadline been delayed until Thursday, Feb. 7.

"My understanding is that there are still some details being worked out," Mullen said. "We have continued the closing date to Feb. 7."

Potential buyer Gary Miller said he still hopes to reopen the track on Memorial Day Weekend.

"I signed all the (sale closing) documents I've been asked to sign," Miller said Wednesday.

Miller submitted an application for a Yavapai Downs racing permit to the Arizona Department of Racing on Jan. 15. That same day, he resigned as president of the Arizona Horseman's Benevolent & Protective Association.

The Yavapai County Farm & Agriculture Association's board of directors abruptly decided to shutter the track in May 2011. The board said the track didn't have enough money to open, and by July 13 of 2011 it filed for Chapter 7 bankruptcy.

A federal bankruptcy judge has approved the sale of the track to Miller for $5.5 million.

The U.S. Department of Agriculture's Rural Development arm held a $14.7 million loan on the facilities, mostly for its construction in 1999-2001, and now the federal agency plans to transfer $5.5 million of that loan to Miller if he buys the track.

Related Stories:
• Racetrack opening pushed back again
• Yavapai Downs back on track with new owner
• Miller files Yavapai Downs racing permit application
• Yavapai Downs bankruptcy suit languishing in court
• Prospective new owner faces daunting task at Yavapai Downs


    Most Viewed     Recently Commented
•   Bradshaw ready to compete for students (413 views)

•   University leaves Prescott Valley (322 views)

•   Prescott Valley closes Fain Park (216 views)

•   PV schools earn bragging rights (214 views)

•   Starbucks among new businesses near Kohl's (212 views)





Article Comment Submission Form
Comments are not posted immediately. Submissions must adhere to our Use of Service Terms of Use agreement. Rambling or nonsensical comments may not be posted. Comments are limited to Facebook character limits. In order for us to reasonably manage this feature we may limit excessive comment entries.
Submit an Article Comment
First Name:
Required
Last Name:
Required
Telephone:
Required
Email:
Required
Comment:
Required
Passcode:
Required
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.
   


Advanced Search

HSE - We want to hear from you
Find more about Weather in Prescott Valley, AZ
Click for weather forecast





Find It Features Blogs Milestones Extras Submit Other Publications Local Listings
Classifieds | Place an ad | Public Notices | Galleries | Opinions | Real Estate Search | Contact Us | Subscribe | e-newsletter | RSS | Site Map
LB - Favour & Wilhelmsen Probate

© Copyright 2016 Prescott Newspapers, Inc. The Prescott Valley Tribune is the information source for Prescott Valley area communities in Northern Arizona. Original content may not be reprinted or distributed without the written permission of Prescott Newspapers, Inc. Prescott Newspapers Online is a service of Prescott Newspapers, Inc. By using the Site, pvtrib.com ®, you agree to abide and be bound by the Site's terms of use and Privacy Policy, which prohibit commercial use of any information on the Site. Click here to submit your questions, comments or suggestions. Prescott Newspapers Online is a proud publication of Western News&Info Inc.® All Rights Reserved.

Software © 1998-2016 1up! Software, All Rights Reserved