Moyer Buys Operating Rights for Portland Meadows

PORTLAND-The operating rights for Portland Meadows horseracing track have been acquired by Tom Moyer, developer and owner of the new Fox Tower office building in the heart of downtown. The former movie theater magnate has been a minority owner of the 126-acre property for some time, and sources say he may attempt to buy out other shareholders en route to majority ownership and control over its future use.

Moyer is buying the option for an undisclosed price from Vancouver businessman Eugene Ferryman, who until now had been in negotiations Canada-based Magna Entertainment Corp. Magna owns several of the country’s most popular horse tracks, including Santa Anita Park in Southern California and Gulfstream Park in Southern Florida.

Moyer, who is out of town this week and not available for comment, is talking with several parties interested in operating the track, including Magna, at least temporarily, according to a source integral to the negotiations. “Things will become clear around May 15,” says the source.