The Waterbury Democrat., 1943-07-07
Suffolk Do1uns Reported Sold To Syndicate
THREE CREEKS INTERESTED;
 LOU SMITH IN?

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 Boston, July 7.-CUP)- reports today were that Suffolk Downs race track already was sold but the prospective purchasers still contended that negotiations had not yet bene completed.
 One usually reliable source said that the famed track had been sold for $1, 100000 to a syndicate that in- cluded John and Thomas PappaS, Belmont brothers, oilman William Helis of New Orleans, La., and Tony Pelleteri, principal figure at the fair grounds track.
 From the same source it was re- ported that Lou Smith, successful racing figure and general manager of the closed Rockingham race track at Salem, N H., would direct the destinies of Suffolk Downs.
 However, the story obtained from John Pappas, importer, chain gro- cery store operator and onetime sec- retary to former Gov Joseph B Ely of Massachusetts was somewhat different.
 we hope the sale will go through" he said Tt is closer to being completed than at any time since we first discussed the purchase last year. We have been and we still are negotiating for the con- trolling interest which amounts to about 16,000 shares of stock
 No Partners?
 Pappas said that uniy he and his brother were interested in the pur- chase and that they had no other partners. He said that his former boss, Ely was handling his former gotiationS, that horse owner Helis was not a partner and that the ne- gotiations would be stalemated a fortnight pending the return from a vacation of President Charles F. Adams of the Eastern Racing Asso- ciation, Inc.
 Negotiations, which have been intensive" during the past several weeks, will ,'a renewed in fort night between the prospective pur- chaSers, Thomas and John Pappas, two Belmont brothers, and the pres ent owners of controlling interest, President Charles F. Adams and Treasurer V. c. Bruce Wetmore of the Eastern Racing Association, Inc
 The law in the "deap' results from the absence of Adams on a vaca- ton, it was said by John Pappas, an Associate Justice of the GlouceS- ter district court and once secre- tary to former Gov. Joseph B. Ely who is representing the purchasers.
 we hope the sale will go through he said. Tt is closer to being completed than at any time since we first discussed the pur- chase last year.
 "We have been and we still are negotiating for the controlling in- terest which amounts to about 16,- 900 shares of stock. About 14,00O other shares are scattered through out the country"
 Pappas declined to say exactly what the Ibid and asked" price was but it was indicated the $2,000,000 figure probably would be the one 1lnally arrived at.
 Pappas denied that William Helis, New Orleans, La, oilman and horse owner, was interested with the brothers in tho purchase. Helis, whose horse Salto placed secnod yesterday in the $50-000-added Massachusetts Handicap, has been mentioned as a member of syndi- cate interested in the purchase.
 "Only my brother and myself are negotiating for the controlling in- terest," Pappas said. "The rumors about Helis probably resulted be- cause he is very friendly with us and was with us while here for the race. He is not in this with us.'
 Much Money
 One source said that the sale must wait until attorneys and tax experts studied the effects of the sale on between $5000G0 and $1 1,000,- 900 in cash which will be in the track treasury at the end of the meeting from the pari-mutuels handle.
 It was said that Adams and Wet more would save several thousand dollars if they could dispose of their interests in straight stock trans action.
 The Pappas brothers have been prominently identified with New England sporting circles. They op- crate an extremely lucrative inn porting business, wholesale liquor concern and a grocery company, the Gloria Chain Stores, Inc.