Updated Jul 29, 2012 - 5:10 pm
Negotiations continue for Prescott Valley track
PRESCOTT, Ariz. — Negotiations are continuing between federal officials and an aspiring buyer for the bankrupt Yavapai Downs horse racetrack in Prescott Valley.
The Daily Courier quotes former Arizona Horsemen's Benevolent and Protective Association president Gary Miller as saying that the U.S. Department of Agriculture's Office of Rural Development called him a few weeks after federal authorities rejected his group's earlier $3.25 million bid during a bankruptcy court auction.
The federal agency holds about $14.7 million worth of loans on the 11- year- old racetrack, so it has final say on the purchase.
The property includes a one-mile horse racetrack, the 93,328-square-foot grandstands, about 860 horse stalls and a neighboring car racetrack.
The Downs employed about 300 people each summer alongside hundreds of trainers, jockeys and assistants until it failed to open last year.
Copyright 2012 The Associated Press.