Balmoral Racing Club gets increased $1.8 million offer for racetrack

By Caroline Salls

Pittsburgh, May 3 – Balmoral Racing Club, Inc. filed an amended motion to sell a racetrack and related personal property after receiving a $1.8 million offer from Ricky Rockets Fuel Center affiliate Balmoral Holdings, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

As previously reported, the company originally requested court approval to sell the Balmoral Track and related property for $1.6 million to HITS, Inc.

However, it received the written offer from Balmoral Holdings on April 29. The company said the new offer includes the same terms as the HITS bid, except that the purchase price and deposit are $200,000 more under the new offer.

If the combined sale of the real estate and personal property is not approved by the court or does not close, Balmoral said it will complete a lot-by-lot sale of the personal property and continue to market the track.

The proposed Balmoral Holdings purchase price is comprised of $769,932 for the company’s fixed assets and $1.03 million for the real property.

A hearing is scheduled for May 4.

Balmoral is a Crete, Ill.-based racetrack operator. The company filed for bankruptcy on Dec. 24, 2014, under Chapter 11 case number 14-45711.

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