07/05/2001 11:00PM

Playfair needs 300G to continue

Email

AUBURN, Wash. - Lilac City Racing Association will need to secure another $300,000 in financing by July 18 in order to conduct a meeting this year at Playfair Race Course in Spokane, according to the terms of an order released by the Washington Horse Racing Commission late Thursday afternoon.

The $300,000 is in addition to Lilac City's current line of credit of approximately $275,000 and about $147,000 in other funds available to the association.

The 11-page order, which followed a two-hour hearing held in Auburn on Monday, also requires Lilac City to provide documentation that it has retained qualified management, and to provide proof of $40,000 in new investment capital that Lilac City reported at Monday's hearing. Failure to meet any of the three conditions, or to provide adequate documentation showing that the conditions have been met, will result in Lilac City's license to operate Playfair being revoked as of July 19, 2001. Monday's meeting was held to investigate violations of the conditions of Lilac City's license and to assess its financial viability.

Lilac City president Bruce Wagar remains determined to race this year.

"We have never quit, and we're not quitting now," he said. "We're going to ask for some clarifications, then we're going to go ahead and see if we can meet the conditions."

If the conditions are met, Lilac City will be granted a 40-day race meet at Playfair stretching from Sept. 16 through Dec. 2, 2001.