June 29, 1993, Tuesday, 2 STAR Edition

SECTION: A; Pg. 13

LENGTH: 212 words

HEADLINE: McMullen's sale of racetrack interests OK'd

BYLINE: Staff

KEYWORD: Houston Texas

 BODY:    The Texas Racing Commission has approved transferring former 
Houston Astros owner John McMullen's interests in a Class I horse racing 
license to Maxxam Inc

   McMullen, who headed the now-defunct Houston Sports Association, 
recently sold his racetrack interest to Maxxam for an undisclosed sum.

   Maxxam now has the largest single block of interest in Sam Houston 
Race Park Ltd., the investment group that owns the racing license.

   Maxxam holds interests in aluminum, forest products and real estate.

   The commission's approval also clears the way for the partnership's 
plan for a private placement of bonds with Salomon Brothers Inc

   In closing the bond deal, expected July 7, the investors hope to raise 
enough capital to build a track in northwest Harris County.

   The commission on Friday also approved replacing Robert G. Harter, 
Kenneth Pearson, Gerald Holtzman and Kirwin Drouet on Sam Houston's board 
with Maxxam officers  Charles E. Hurwitz,  chairman; Paul Schwartz; and 
Byron Wade.

   The commission also agreed to accept a change in Sam Houston's 
management contract, whose details do not have to be disclosed under 
state open records laws.

   Paula Cochran Carter, counsel to the commission, said the contract 
changes are not substantial.

                  Copyright 1993 The Dallas Morning News