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Churchill Downs Joins in Bid For New York City Off-Track Betting Corp.27 March 2001LOUISVILLE, Kentucky –(Press Release) -- Churchill Downs Incorporated (Nasdaq: CHDN) announced today that it has agreed to join the New York Racing Association (``NYRA'') and Television Games Network (``TVG'') in their bid for the purchase of New York City Off-Track Betting Corp. (``NYCOTB''). CDI also has withdrawn the bid the Company had previously submitted on its own behalf to the New York City Development Corporation, which is overseeing the possible sale of NYCOTB. ``We have strong relationships with both NYRA and TVG, and we are pleased to join them in the endeavor to purchase NYCOTB,'' said Thomas H. Meeker, CDI's president and chief executive officer. ``Each member of this new partnership brings unique strengths to the table that, together, make our bid for NYCOTB even more beneficial to the racing industry and to the city of New York.'' Barry K. Schwartz, chairman of NYRA, commented on the new partnership, ``We are delighted that Churchill Downs Incorporated has agreed to join our bid. We believe that the combination of CDI, NYRA, and TVG makes a powerful team. This partnership would be beneficial to racing in New York in a meaningful way for both the fans and the horsemen.'' Mark Wilson, chief executive officer of TVG, said, ``With Churchill Downs Incorporated joining our team, we have the right mixture of financial, technical and content strengths assembled to invigorate New York racing.'' |