Running Aces is sold at a sheriff's sale
Sunday, July 11, 2010 - by John Pawlak, the U.S. Trotting Association
Running Aces Harness Track was purchased at a sheriff’s auction this past Friday for $2 million by the lender who operates the racing and poker facility, and as a result the track’s 2010 race meet will continue without interruption.
RAHP LLC, a subsidiary of Black Diamond Commercial Finance LLC, a Connecticut-based firm that has operated the track since late 2008, was the successful bidder, out-bidding one of Black Diamond’s own top executives, who bid $1 million.
The track and poker room reportedly lost $4 million in its first year and has continued in the red since it opened three years ago, but the restructuring of debt, of which the sheriff’s sale was part, may help the track gain longer-term financial stability.
RAHP LLC must undergo a background check conducted by the Minnesota Racing Commission, but since the prior owners will retain operating responsibility for 12 months there will be no interruption of live racing.
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