Stockholder's agreement lets Duchossois buy up to 31% of Churchill Downs

By Lisa Kerner

Charlotte, N.C., Sept. 22 - Duchossois Industries, Inc. has three representatives on the Churchill Downs Inc. board of directors as a result of the parties' Sept. 8 stockholder's agreement.

The investor's representatives are Richard L. Duchossois, Craig J. Duchossois and Robert L. Fealy, according to a schedule 13D filed with the Securities and Exchange Commission.

The stockholder's agreement also allows Duchossois Industries to purchase a total number of voting securities that, when added to the shares of voting securities owned by the investor and its affiliates, result in their total ownership of up to 31% of the outstanding shares of voting securities, the filing said.

Duchossois also has the right to purchase up to the number of shares of voting securities necessary to retain its pre-existing ownership percentage of Churchill Downs if the company issues additional voting securities.

Currently, the investor owns approximately 3.31 million shares, or 24.3%, of the Louisville, Ky.-based company.

Churchill Downs owns and operates pari-mutuel wagering properties and businesses in the United States.

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