Churchill Downs agreed to buy back 8.1 million of its shares from its largest shareholder, The Duchossois Group.
Churchill Downs announced the agreement in November and said Churchill Downs will buy back 944,756 of its shares for $146.13 per share.
“Our company’s free cash flow generation and strong balance sheet make this an opportune time for us to complete this transaction,” Churchill Downs CEO Bill Carstanjen said.
The Duchossois Group, which is owned by former Arlington International Racecourse owner Dick Duchossois, will continue as the largest shareholder in Churchill downs, with two million shares remaining after the transaction is completed.
The Duchossois Group in 2000 became the largest shareholder in Churchill Downs after the merger between Churchill and Arlington.
The Churchill Downs Board of Directors recently authorized spending up to $150 million to buy back shares from its stockholders and reduce the amount of debt held by its shareholders.
Churchill’s’ share price has risen steadily in recent months, rising from about $97 per share in November 2014 to more than $144 a year later.
