view raw text
Proposed Sale of MRA To Boys, Inc., Canceled Withdraw Petition for Ruling From Internal Revenue Service DETROIT. Mich., May 10. — The proposed 1 sale of the Michigan Racing Associations j Detroit Race Course at Livonia to Boys, j Inc., headed by the Texas millionaires, Clint i Murchison and Sid Richardson, was called t off late Monday. Executive vice-president j a George Haggarty of the MRA said there wasnt enough time to complete the pro- s posed sale before opening of the MRA ] meeting on May 20. As a result, the MRA withdrew its petition for a tax ruling on 1 the sale from the Internal Revenue Service, t Haggarty said plans to sell the track had been withdrawn, i Although the proximity of the MRA meeting was advanced as the reason for the s withdrawal of the sale, it is believed that the current bill in the legislature which "would refuse a license to any organization c organized for a charitable purpose or or- I ganized for the purpose of distributing its c profits to charitable organizations" had t much to do with the decision. The anti- charity racing bill passed the Senate last a week. 26-2. ll I
