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Churchill Downs Announces Stock Repurchase Plan17 September 2001LOUISVILLE, Kentucky –(Press Release) -- Sept. 17, 2001 -- Churchill Downs Incorporated (Nasdaq: CHDN; ``CDI'') today announced that its board of directors has authorized the repurchase of up to 55,000 shares of the Company's common stock under the Security and Exchange Commission's (``SEC'') Sept. 14, 2001, emergency order under Section 12(k) (2) of the Securities Exchange Act of 1934. The transactions may be made in the open market at prevailing market prices. The Company currently has approximately 13 million shares of common stock outstanding. ``The board took this action to support the financial markets in this time of national crisis,'' said Thomas H. Meeker, CDI's president and chief executive officer. ``As evidenced by the SEC's emergency order, there is a likelihood that the financial markets will experience some short-term volatility. The action taken by our board is done with a view toward lessening the volatility in our stock and in the markets as a whole.'' |