Turf Paradise Sale to CT Realty Could Close in August

Turf Paradise in Phoenix could change ownership this summer if an agreement is finalized between owner Jerry Simms and the real estate investment and development firm CT Realty, officials from Turf Paradise said. The sale of Turf Paradise, initially reported by Axios Phoenix, could close by mid-August, track officials told BloodHorse. According to Turf Paradise general manager Vince Francia, CT Realty managing partner James Watson "is in the due diligence process—evaluating the property." Simms, 76, said his motivation to sell was "to spend more time with my grandkids than at the racetrack." He declined to disclose the sale's terms. There is a confidentiality agreement between Simms and Watson, Francia said. Simms has owned the Arizona racetrack since 2000 when he purchased it for $53 million. In recent years, the track has come under criticism for the upkeep of its grounds and facility, equine and jockey safety issues, and at times for not complying with the rules and fees of the Horseracing Integrity and Safety Authority. The track is now in compliance for its ongoing meet that lasts through May 6, Francia said. CT Realty declined to comment on the potential sale, citing the confidentiality agreement with Simms. Simms said Watson is "planning on running the (2023-24) meet, running the season. I don't know how many years he'll run it." According to its website, CT Realty targets the acquisition of developable industrial land for supply chain facilities in the United States. "The horsemen are excited for a new owner. Unfortunately, the new owner probably doesn't have racing in his long-term plans," said Leroy Gessman, executive director of the Arizona Horsemen's Benevolent and Protective Association. "But they have indicated, anyway, they plan to run for two or three more years, and in the meantime we're looking at alternatives for other places." Turf Paradise races the prime dates in Central Arizona from fall through spring, while Arizona Downs in Prescott Valley, Ariz., has raced in the summer. Arizona Downs, not open for racing this year amid financial difficulties, is under contract with its current owners to sell to The Stronach Group, Axios Phoenix reported. TSG operates as 1/ST Racing. "They've indicated to us they would run an extended meet up there if Turf Paradise was not running at all," Gessman said. With Arizona Downs not open this summer, Turf Paradise-participating horsemen are largely expected to run their horses in other states such as Iowa, Minnesota, and California, Gessman said. Turf Paradise, which opened in 1956 under the direction of Phoenix businessman Walter Cluer, became the first organized professional sports franchise in Arizona, according to the Turf Paradise website. It has hosted just four other owners: Herb Owens, Robert Walker, Hollywood Park (under the chairmanship of R.D. Hubbard), and Simms. Unlike other tracks in Arizona, Turf Paradise has a turf course in addition to a dirt track. "It's gone through these different phases," Francia said of Turf Paradise, where he has been employed since 1990. "I've seen it grow with off-track betting, for example—we have the largest off-track-betting network in the country (with over 60 sites)—and how the public has responded to Turf (Paradise). … I'm anxious to see the next phase in its development and growth for Mr. Watson."