Havana Track Deal Off: G. W. Loft Declines to Go Further with Purchase of Oriental Park.; Thoroughbred Horse Association Secures Option on Stock--E. W. Sims Ready to Buy It., Daily Racing Form, 1919-07-15


view raw text

HAVANA TRACK DEAL OFF G W Loft Declines to Go Further with Purchase of Oriental Park Thoroughbred Horse Association AssociationSecures Secures Option on Stock E EW W Sims Ready to Buy It NEW YORK N T July 14 The sale of Ori ¬ ental Park to the Loft Diaz and Steinhart syndicate Is definitely off but a new deal is on In explain ¬ ing his retirement from the affair George W Loft said There was a disagreement between Mr Brown and myself regarding the management of the track I have made it a rule that when I buy a piece of property I reserve the right to manage it and spend what money I intend to spend in my own way I had my own ideas about the conduct of the Havana track These did not coincide with those of Mr Brown Hence there was a disagreement and so far as I am concerned the purchase of the track is off offAs As a matter of fact Mr Loft declined to keep the agreement lie had made in Cuba with Messrs Brown Diaz and Steinhart which gave the Loft Steinhart and Diaz combination seventy per cent of the Oriental Park stock for 700000 Brown to retain a tenjjer cent interest in the profits and his contracts with starter Milton and auditor Frank Bruen to be respected for five years Browns own managerial position wi to go to C J Fitz Gerald at 25000 a year for five years yearsThe The own idea point of Mr Loft is rather odd as he proposed to buy 23 13 per cent of ihe stock and his recently announced 9000 a day menu for horse ¬ men was not a possibility The general idea is that after thinking things over Mr Loft repented of the bargain he made in Cuba and chose his own way out of it itHORSEMEH HORSEMEH HAT TAKE 10FX PLACE PLACEThe The Thoroughbred Horse Association has taken Mr Lofts place in new negotiations with Mr Brown who took the plans to Cuba with him this morning The Thoroughbred Horse Association has a weeks verbal option on sixtyfive per cent of Oriental Park stock at 1000000 If the option is extended it will include a 125000 forfeit At the 31000000 price there will be no extension and no sale E W Sims one of the owners of Eternal and the other McClelland horses will give 1000000 for the track without any conditions contracts or Urown interests Brown represents thirty per cent of the stock held by original construction contribu ¬ tors torsMany Many complaints about Oriental Park have been laid before the Thoroughbred Horse Association Its members say that the complainants are some seventy in number No doubt some owners have been pinched by Oriental Park conditions and values Most of these owners would be pinched anywhere The or ¬ ganization wants to buy Oriental Park and to change the conditions complained of It would probably take over the plant at the LoftSteinhartDiaz price but it will not accept the 1000000 sixty five per cent plan or take up the 25000 option extension unless some of its reforms principally about largely Increased purse values are accepted acceptedThe The Thoroughbred Horse Association threatens plUier to combine with Cuban and other promoters and build another track near Oriental Park or to boycott Browns track and raise a fund to keep liorses from Oriental Park and sustain those horses aud horsemen which would be kept idle by its embargo during the winter winterSTORMY STORMY MEETING HELD SATURDAY SATURDAYThere There was a stormy meeting at the Pennsylvania Hotel late Saturday night between Brown and the Thoroughbred Horse Association committee Brown defied the committee and declared to rule and sell or retain his own in his own way and the com mitteemen were equally plain and emphatic in their declarations about Oriental Park and Havana racing From their point of view based on com ¬ plaints and present racing values nothing was done Brown left for Cuba this morning but the nego ¬ tiations are still open Brown 3 price may be cut It is reasonable to expect that it will be even though lie is spending some 30000 on extensions of a hotel nature at the course Brown wants to re ¬ tire from racing racingMr Mr Sims is ready to buy outright at any time He probably furnished all the money needed for the Havre de Grace purchase and is well able to buy more It seems quite likely that Oriental Park will jo into new hands before the summer is over The opposition Havana track idea of the Thorough ¬ bred Horse Association is the nastiest feature of the situation and will hardly be followed Major Mc ¬ Dowell and Jack Keene who are here for the Thor ¬ oughbred Horse Association are levelheaded tem ¬ perate men and will if possible solve the matter The deal over the fiftyone per cent for Havre de Grace was a good one and means added health to Maryland racing Good judges who know the Maryland law and Marjrlmjd racing politics declare tnerp is no doubt but that a legal way has been found for Bowie to race as usual next fall fallThe The Thoroughbred Horse Association is making no permanent financial investment in Havre de Grace simply putting up a financial bridge until the stock can be turned over to Marylonders who are ready to take that stock

Persistent Link: https://drf.uky.edu/catalog/1910s/drf1919071501/drf1919071501_1_2
Local Identifier: drf1919071501_1_2
Library of Congress Record: https://lccn.loc.gov/unk82075800