INVESTORS TO PURCHASE 85% OF KENTUCKY DOWNS
Date: March 22, 2007
For Immediate Release:
Contact: Corey Johnsen
Phone: 1-469-964-0778
Franklin, Ky.?A partnership led by investors Corey Johnsen and Ray Reid has reached an agreement to purchase controlling interest in Kentucky Downs racetrack in Franklin, Kentucky. Johnsen is the former President of Lone Star Park and Reid is the President of Reid Investments, a private investment banking firm.
?To be part of the Kentucky racing and breeding industry is an exciting prospect,? said Johnsen. ?The state?s horse industry has made impressive strides by coming together to increase opportunities for all members. There is still a great deal of work to do, and we look forward to making a positive contribution.?
The new partnership, managed by Reid and Johnsen, will own 85% of Kentucky Downs. Churchill Downs, Turfway Park and Kelley Farms ? the current ownership group ? will each retain a 5% share in the track.
?One of the strengths of Kentucky Downs is our dynamic ownership group,? said Reid. ?We are all committed to not only improving Kentucky Downs but also Kentucky?s signature industry.?
Johnsen and Reid are already involved in the Thoroughbred industry as owners and breeders. They have horses of racing age, broodmares, and foals in Kentucky and have plans to expand that aspect of their business. Their horse partnership had a positive experience at Kentucky Downs, as their Honey Rose was second in the 2006 Kentucky Cup Ladies Turf.
Johnsen has been a leader in the Thoroughbred industry for over 20 years. He was the President of Lone Star Park when that track hosted the 2004 Breeders? Cup World Championships and most recently was the President of Southwest Operations for Magna Entertainment Corp. He recently concluded a two-year term as the President of the Thoroughbred Racing Associations.
Reid has been involved in investment banking for his entire professional career. He became interested in horse racing when he and Johnsen became partners in the horse business. They currently have horses in Kentucky, California, Texas, New York, Florida and Argentina.
?Corey and I have been impressed by the wonderful facility and excellent customer service at Kentucky Downs,? said Reid. ?The European-style turf course and impressive grounds greatly add to the charm of the facility. We see a tremendous opportunity in Kentucky Downs.?
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