Termination of license

The license to conduct a horse race meeting is personal and non-transferable, and terminates upon a substantial change of ownership of the racetrack operator, unless provided otherwise in an approved franchise agreement, or the St. Croix Horse Racing Commission or the St. Thomas-St. John Horse Racing Commission, as appropriate has granted prior approval. The sale of transfer of 25 percent or more of the equity of a racetrack operator constitutes a substantial change of ownership.