Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma
Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma
A horse swims in a training pool at the San Luis Rey Downs facility in Bonsall, Saturday, July 30, 2011.
Riders and horses work out on the one-mile track at the San Luis Rey Downs training facility in Bonsall, Saturday, July 30, 2011.
A rider and his horse round the one-mile track at the San Luis Rey Downs training facility in Bonsall, Saturday, July 30, 2011.
The reorganization of Frank Stronach’s holdings has created an ownership transfer of the San Luis Rey Downs (SLRD) Thoroughbred Training Center land from MI Developments, Inc. (MID), to the Stronach Group which is controlled by the Stronach Family Trust.
The reorganization was approved March 31 by a Canadian court and took effect June 30.
Stronach’s Magna Entertainment Corporation (MEC) purchased the San Luis Rey Downs Thoroughbred Training Center from the Vessels family in 1999. Four years ago MEC sold the land to MID, which is also Stronach-owned, and as part of the transaction MEC leased the equestrian facility from MID. MEC subsequently filed for bankruptcy. The MEC lease expired in March 2010, and a corporation led by San Luis Rey Downs general manager Leigh Ann Howard began operating the facility under a new lease.
The San Luis Rey Downs lease, which was under MID and will now be through the Stronach Group has two more years.
“We don’t have a new lease with them, and we’re not sure what’s going to happen,” Howard said.
The transition allowed for a division of employees and non-labor assets between the various Stronach-owned interests.
“They’re trying to send the right people with the Stronach Group and keep the other people that need to be with MID’s U.S. holdings,” Howard said.
Greg Avioli will be the chief executive officer of the Stronach Group’s Racing and Gaming Division.
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