Choctaw Nation-owned company says it's buying Blue Ribbon
Monday, November 3rd 2003, 12:00 am
By: News On 6
(Durant-AP) -- The Choctaw Nation says a private company it owns will buy Blue Ribbon Downs horse track in Sallisaw from Race Horses Incorporated.
Monday's announcement comes one day before the track was to be offered for auction at a sheriff's sale.
A news release from the tribe says the track is being bought by Backstretch L-L-C. The release doesn't say what the purchase price is, but the track has been appraised at nearly $3-million.
Race Horses Incorporated owes the city of Sallisaw nearly that much from a 1995 loan.
The tribe says Backstretch will be headed by former Remington Park general manager Frank Deal and former Oklahoma Horsemen's Benevolent and Protective Association president Blaine Story.
Deal says Backstretch will ask for temporary authority to complete Blue Ribbon's 2003 race schedule and will apply for a license.