Transfer of Fair Grounds: Details of Deal Turning over New Orleans Track to Chicago Syndicate Worked Out Sunday, Daily Racing Form, 1932-09-06


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TRANSFER OF FAIR GROUNDS Details of Deal Turning Ov3r New Orleans Track to Chicago Syndicate Worked Out Sunday. Important details of the transfer of the Fair Grounds track. New Orleans, from the Louisiana Jockey Club to a syndicate of sportsmen headed by Joseph A. Murphy, of St Louis, were worked out Sunday at a meeting in Chicago of representatives of the two interests. The purchasers were represented by Mr. Murphy and Albert Sabath, Chicago attorney and the Louisiana Jockey Club in which Col. E. R. Bradley, of Kentucky, is the principal stockholder, by Col. John P. Sullivan and E. R. Burch of New Orleans. Colonel Sullivan is chairman of the board and Mr. Burch, treasurer and auditor of the Louisiana Jockey Club. Following the meeting Sunday, during which every detail of the transfer was gone over and the affairs and records of the Louisiana Jockey Club reviewed, Mr. Murphy announced that formal transfer of the property would be made at New Orleans some time next week. Messrs. Sullivan and Burch are returning to New Orleans tomorrow and will meet with Messrs. John C. Schank, Murphy and Sabath in the Crescent city for the purpose, of closing the transaction next week. Transfer of the Fair Grounds will involve approximately 00,000 exclusive of interest and carrying charges and Col. Bradley and Col. Sullivan, holders of 2,778 shares of Louisiana Jockey Club stock involved in the deal, are to receive 00,000 from the purchasing syndicate by January 1, it was said. The remainder will be taken up through regular payments over a period of years and will be carried at the usual interest rates. Only 222 shares of Louisiana Jockey Club stock are owned by persons other than Colonel Bradley and Colonel Sullivan.

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