Bankruptcy Judge Increases Available Funds for HawthorneTerm of the Loan Supporting Track Operations Extended to Aug. 1 — But that Timeline Requires a Racing-Committed Buyer

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The judge presiding over Hawthorne Race Course’s bankruptcy proceeding agreed yesterday to increase the size of the loan available to Hawthorne from $16 million to approximately $20 million. And the term of that loan will now continue through Saturday, Aug. 1.

That’s good news for Hawthorne — the track needs those funds to pay purses and other short-term operational costs — and also the prospects for summer thoroughbred racing here.

However, much depends on whether a buyer steps up and makes a serious bid to purchase the track for the purpose of operating a racino and continuing horse racing. If no such racing-determined buyer emerges by around July 10, then it's possible the loan may abruptly terminate.

“We’re grateful the judge agreed to extend the loan to the beginning of August. That means racing will keep going, at least for now, at Hawthorne,” said ITHA President Chris Block. “Looking ahead, we’re cautiously optimistic that Hawthorne will find a buyer committed to thoroughbred racing — and that we can keep racing for the long term.”

Before the start of our thoroughbred meet on Sunday, Block spoke to ABC7/WLS-TV and stressed the urgency of a sale to the future of racing in northern Illinois. That interview appears in a news segment here.

“There’s great potential at Hawthorne for an owner committed to thoroughbred racing,” Block said. “It’s a premier investment opportunity as the sole remaining racetrack in the Chicago metropolitan area. We remain hopeful that Hawthorne will in fact become the racino, racing and entertainment venue that Illinois lawmakers intended.”