TITLE 11: ALCOHOL, HORSE RACING, LOTTERY, AND VIDEO GAMING
SUBTITLE B: HORSE RACING
CHAPTER I: ILLINOIS RACING BOARD
SUBCHAPTER g: RULES AND REGULATIONS OF HORSE RACING
PART 1407 LICENSE AND APPLICATIONS; ASSOCIATION LICENSES (THOROUGHBRED)
SECTION 1407.24 NOTICE OF CHANGES
Section 1407.24 Notice of Changes
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 operator, unless the Board has granted prior approval. The sale or transfer of 25 per cent or more of the equity of an operator shall be considered a substantial change of ownership.