THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, August 31, 1996 TAG: 9608310396
SECTION: LOCAL PAGE: B3 EDITION: FINAL
SOURCE: BY DAVID M. POOLE, STAFF WRITER
DATELINE: RICHMOND LENGTH: 32 lines
Over the objections of rank-and-file members, the state's thoroughbred organization is poised to sign a deal with Colonial Downs for a 30-day racing meet next year.
The executive board of the Horsemen's Benevolent and Protective Association voted late Thursday to enter into a contract guaranteeing $150,000 in daily prize money at the proposed track in New Kent County.
Earlier in the evening, the group's membership voted 172-142 to reject the offer because some members wanted 102 days of live racing, which Colonial Downs promised in its 1994 pari-mutuel application. Others want Colonial Downs to fail, in hopes of getting a track in Northern Virginia.
Supporters of the agreement contend that horse owners should start with a short season and build toward longer meets.
The group's executive board said it was not bound by the vote, even though members had been told that any agreement with Colonial Downs will be subject to their approval.
Jeffrey Jacobs, the managing partner of Colonial Downs, must settle the percentage of funds going to horse owner prizes before he can proceed with a $55 million bond and public stock offering.
``The board is talking with Mr. Jacobs to come up with a contract that we think is in the best interest of all Virginia horsemen,'' said Richard Poulson, a vice president of the group.
KEYWORDS: COLONIAL DOWNS HORSE RACING PARI-MUTUEL BETTING by CNB