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Canterbury Downs Bidder Pulls Out of the Running

November 08, 1989|From Associated Press

SHAKOPEE, Minn. — The leading potential buyer for Canterbury Downs race track has dropped his bid, saying his new job will prevent him from pursuing the purchase.

"I don't have the time or the patience," said Lawrence Greenberg, the retired accountant who has been negotiating a purchase of 61% of the track's stock for three months. He is the new president of Northgate Computer Systems.

But one of his partners in the bid for the Shakopee track, Delaware North Companies Inc. of Buffalo, N.Y., continues to pursue the deal. Delaware North, which is seeking to buy Canterbury Downs' $43 million in bank debt at a reduced price, would become its new majority owner if the company can strike a deal. The Buffalo firm owns sports franchises and concession operations.

Greenberg was first allied with banker Carl Pohlad, owner of the Minnesota Twins, whose sons would have bought the bank debt and become the track's lenders. But when the Pohlads became leery of the track's continuing losses, Delaware North replaced them.

Negotiations remain stalled with the track's banks, said Sam Gifford, a Delaware North vice president. The most recent offer that has been revealed was $8 million in cash plus a share of the track's future cash flow.

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