Keeneland Offers Buyouts, Cites Down Economy
LEXINGTON, Ky. – Keeneland Association, the 74-year-old Lexington racetrack and Thoroughbred auction house, is offering buyouts to some long-time employees, but the number and nature of the offers hasn't been disclosed.
Many of the buyout offers have been made over the past few months to full-time employees in maintenance and security. The employees have until the end of August to accept.
Keeneland spokesman Jay Blanton says the buyouts are the result of the global economic downturn that's lingered for nearly two years.
Keeneland's auction of Thoroughbred yearlings and auction of Thoroughbred breeding stock have been hit by the downturn. Keeneland's sales receipts were down by almost 34 percent in 2009, falling by more than $200 million from 2008.
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