Los Al owner won't redevelop

Ed Allred, the owner of Los Alamitos Race Track in Southern California, has pulled out of an agreement to redevelop the track in the hopes of running Thoroughbred race dates should Churchill Downs sell nearby Hollywood Park, according to a report in the Los Angeles Times.

According to the report, Allred has said that he is no longer interested in redeveloping the track. In March, Allred had announced an agreement with Thoroughbred owner Mike Pegram that would have required Pegram to put up $40 million to renovate the track in order to host Thoroughbred racing. Allred would have remained the owner of the track.

The agreement was spurred by speculation that Churchill Downs is shopping Hollywood Park to developers. Churchill officials have said they are evaluating their options for the 250-acre property, which is close to Los Angeles International Airport and is one of the largest tracts of land available in the Los Angeles area.