                                 CODE OF VIRGINIA

ACQUISITION OF INTEREST IN LICENSEE (§ 59.1-386)

A. The Commission shall require any person desiring to become a partner, member
or principal stockholder of any licensee to apply to the Commission for approval
thereof and may demand such information of the applicant as it finds necessary.
The Commission shall consider such application forthwith and shall approve or
deny the application within 60 days of receipt. The Commission shall approve an
application that meets the criteria set forth in this chapter. The Commission
shall deny an application if in its judgment the acquisition by the applicant
would be detrimental to the public interest or to the honesty, integrity, and
reputation of racing. The Commission shall approve an application to acquire
actual control of a licensee only if it finds that the applicant meets the
criteria set forth in subsection B.

B. If an applicant proposes to acquire actual control of a licensee, such person
shall, pursuant to subsection A, submit to the Commission (i) its proposal for
the future operation of any existing or planned racetrack, or satellite facility
owned or operated by the licensee, (ii) such additional information as it
desires, and (iii) such information as may be required by the Commission to
assure the Commission that the licensee, under the actual control of such
person, will have the experience, expertise, financial responsibility and
commitment to comply with (a) the provisions of this chapter, (b) Commission
regulations and orders, (c) the requirements for the continued operation of the
licensee pursuant to the terms and conditions in effect on the date of the
application of all licenses held by the licensee, (d) any existing contract with
a recognized majority horseman&#8217;s group, and (e) any proposal submitted to
the Commission by such person. The provisions of this subsection shall apply
regardless of whether the control acquired is direct or indirect or whether its
acquisition is accomplished individually or in concert with others.

C. Any such acquisition of control without prior approval of the Commission
shall be voidable by the Commission and, in such instance, the Commission may
revoke any license it has issued to such licensee, order compliance with this
section, or take such other action as may be appropriate within the authority of
the Commission.

HISTORY: 1988, c. 855; 2003, c. 705.