Kentucky Downs President Corey Johnsen is part of the Phoenix-based ownership group JACOR Partners that announced Thursday the purchase of Yavapai Downs.

Yavapai Downs, located in Prescott, Ariz., features a 90,000 square-foot clubhouse/grandstand and accommodations for 800 horses and sits on 120 acres on the northeast edge of Prescott Valley, located eight miles from downtown Prescott. The property was purchased for $3.22 million out of federal bankruptcy court, with the new owners planning to invest millions more in improvements.

Yavapai Downs has not conducted live racing since 2010. The new owners plan to offer live racing as part of the Arizona horse racing circuit. The next step is the application process with the Arizona Racing Commission, with more detailed plans to be announced after the live-racing permit is granted.

Johnsen has a successful history in opening and reopening racetracks. His roots in racing took hold in Arizona, where he worked as a backstretch groom while attending Arizona State University. His first job out of college came in marketing and public relations at Turf Paradise in Phoenix.

“The Arizona horse racing scene holds great sentimental value for me, and it’s very gratifying to be part of re-establishing a year-round racing circuit,” Johnsen said in a news release. “We look forward to improving purses for all the hard-working horsemen, encouraging the Arizona-bred program that has produced so many solid runners and providing an entertaining product for the many dedicated horseplayers.”