Scarborough Downs Sale Complete, New Owners Say Track Employees Will Keep Their Jobs

By  | 

SCARBOROUGH, Maine (WMTW) - Two Maine families are officially the new owners of Scarborough Downs, they announced through a press release Monday morning.

A Scarborough-based holding company was under contract to buy the property in December.

According to Monday's news release, brothers William, Marc and Rocco Risbara III, of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors, closed on the property last week for $6.7 million.

The racing business was sold to Crossroads Holdings LLC. The business will remain open. Financial details on that part of the sale were not released.

The Terry Family will continue to run the racing business, the release said.

Employees at the track will keep their jobs.