|
|
|
Yale Off to the Races?
|
Business New Haven
2/7/2000
By: BNH
|
Proving once and for all that real estate does make strange bedfellows, Yale, Harvard and several other universities have invested endowment funds in a realty group that has purchased an ownership interest in a Massachusetts racetrack that is at the center of a criminal probe. Based in Boston, Realty Financial Partners has purchased a share of ownership in Plainridge Racecourse in Plainville, Mass., which currently features simulcast betting, with live harness racing scheduled to resume in April. According to the Boston Globe, Realty Financial Partners through a company called GTWO-Rhode Island took control of the property in 1998, paying $7 million to Louis Giuliano, a Rhode Island horseman whose name has been associated with organized crime in published reports. Bay State prosecutors are investigating allegations of fraud between Giuliano and his racetrack partner, Gary Piontkowski. Realty Financial Partners has said it planned to evict the racetrack operation and seek another use for the site, which is near the Rhode Island border. The group's investors include endowment funds from Yale, Harvard, the University of Rochester and Emory University, among others, the paper said. Yale's endowment stands at more than $7 billion.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
