A bankruptcy court judge has approved Centaur Holdings LLC's purchase of the Indiana Grand racetrack and casino in Shelbyville for $500 million.
Indianapolis-based Centaur owns the Hoosier Park racetrack and casino in Anderson, so it will own both gambling facilities in central Indiana if state regulators also approve the sale.
Centaur will pay $500 million, plus one dollar, and assume Indiana Grand's liabilities, according to the sale agreement. Centaur General Counsel John Keeler couldn't be reached for comment Thursday morning.
The judge's approval, entered Wednesday, came after Indiana Grand owner Indianapolis Downs LLC accepted Centaur's winning bid in September.
Judge Brendan Shannon, in a Wilmington, Del., court, approved the sale over objections from South Bend businessman Ross Mangano, a shareholder in Indianapolis Downs who has expressed an interest in acquiring the property.
Mangano had alleged that Centaur didn't negotiate in good faith and that its purchase wasn't feasible because the lengthy regulatory approval process could further the racino's need for financial restructuring.
"This sale's not final," Mangano said Thursday morning. "It's got to go through regulatory approvals."
Mangano said he was glad the Federal Trade Commission is required to look at the deal because he thinks it would give Centaur a monopoly on gaming in the area.