Chicago racetrack files for bankruptcy, owes $9m to Fanatics

Hawthorne Race Course has filed for Chapter 11 bankruptcy protection, with court documents revealing the historic Illinois thoroughbred and harness venue owes nearly $9 million to Fanatics Sportsbook, its largest unsecured creditor.

The filing, lodged in the US Bankruptcy Court for the Northern District of Illinois, lists estimated assets of between $50 million and $100 million against liabilities that could reach as high as $500 million, highlighting the scale of the track’s financial challenges.

Hawthorne officials indicated the restructuring process is intended to stabilise the Chicago racetrack’s operations, preserve racing where possible and attract new investment or a potential buyer to recapitalise the long-standing venue.

The bankruptcy follows months of turbulence that included cancelled harness meetings and the suspension of the track’s harness licence by the Illinois Racing Board amid concerns over unpaid purses and financial instability.

Fanatics, which has since shifted its primary Illinois online partnership to Argosy Casino Alton while retaining certain retail sportsbook ties, is listed with a claim of approximately $8.75 million, though court filings do not detail the origin of the debt.