Golden Gate Fields Buys into Bay Meadows Track: Acquires Five Shares of Stock with Options to Buy 998 More, Daily Racing Form, 1954-06-07


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Golden Gate Fields Buys Into Bay Meadows Track Acquires Five Shares of Stock With Options to Buy 998 More ALBANY, Calif., June 5. The Pacific Turf Club, Inc. operator of Golden Gate Fields, today announced that it had purchased five shares of the stock of the Bay Meadows race course, and acquired options to buy an additional 998 shares. The announcement was made by Charles E. Coughlin, general manager of the East Bay track. Coughlin earlier in the day had notified Bay Meadows of the transaction. The stock involved is that for which Horace Adams, Cleveland, Ohio, attorney, had obtained options over the past several months. The Pacific Turf Club, Coughlin said, purchased five shares of Bay Meadows stock owned outright by Adams, and the option to 998 others which he had secured during his recent efforts to obtain a majority interest in the California Jockey Club, Inc., which owns and operates the San Mateo track. With acquisition of his stock and options by Golden Gate Fields, Adams informed track officials that he is withdrawing completely from the local racing picture. He declared that he was not interested in retaining a "minority stockholder interest" in Bay Meadows. Purchase price of the Bay Meadows stock and option was 64 a share, Coughlin announced, slightly above the present market quotation of 50 a share. Bay Meadows declared a 5-per-share dividend following its last meeting. The 1,003 shares involved in todays transaction represents slightly more than 10 per cent of the 10,000 shares in California Jockey Club, Inc., stock outstanding. In announcing todays action, Coughlin declared: "The Pacific Turf Clubs directors approved this purchase unanimously, and it is with great satisfaction that we are able to acquire this interest in the Bay Meadows operation. We are also pleased by the fact that by this action, Golden Gate Fields assures the continued Cali-p fornia ownership of May Meadows." The 998 shares of Bay Meadows stock, the options for which Golden Gate fields today acquired, are held in escrow by the Bank of America. With the acquisition of Adams interests, the Pacific Turf Club, Inc., has until August 31 to exercise its option.

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