By Joanna Dodder Nellans
The Daily Courier
A bankruptcy court on Tuesday approved the tentative sale of the Yavapai Downs racetrack to Gary Miller for $5.5 million.
Miller is president of the Arizona Horseman’s Benevolent & Protective Association that represents horsemen.
“I’m thrilled with how the court hearing went,” Miller said. “I was confident in my business plan. Now I’m going to focus on due diligence and getting up there.”
Along with the bankruptcy court, the U.S. Department of Agriculture’s Office of Rural Development had to agree to the sale since it holds $14.65 million in loans on the track. The USDA agreed to the deal earlier this month.
Miller and USDA officials now will enter a 45-day to 90-day due-diligence period before signing the final sale documents. Miller plans to come up to Prescott Valley next week to inspect the condition of Yavapai Downs infrastructure, since it’s been shuttered for more than a year.
If he sticks with the purchase, Miller will assume $5.5 million of the existing federal loan at an interest rate of 4.375 percent and have as many as 37 years to pay it off, according to court documents. He also has agreed to pay as much as $400,000 in closing costs.
