TITLE 11: ALCOHOL, HORSE RACING, LOTTERY, AND VIDEO GAMING
SUBTITLE B: HORSE RACING
CHAPTER I: ILLINOIS RACING BOARD
SUBCHAPTER f: RULES AND REGULATIONS OF HARNESS RACING
PART 1305 RACE TRACK OPERATORS AND THEIR DUTIES
SECTION 1305.80 TERMINATION OF LICENSE
Section 1305.80 Termination of License
Racing dates and the license to conduct a horse race meeting are deemed personal in nature and non-transferable, and will terminate upon a substantial change of ownership of the race track operator, unless the Board has granted prior approval. The sale or transfer of 25 per cent or more of the equity of a race track operator shall be considered a substantial change of ownership.