GUTHRIE — Midland, Texas-based Reliance Ranches has bought the Lazy E Arena and Ranch from its Las Vegas-based owners for an undisclosed price.
Reliance Ranches is owned by the Midland-based McKinney Family, led by Gary McKinney, president of Midland-based oil and gas company Reliance Energy.
“We just really love the property — they have really good stallions over there and whenever we got the opportunity to do a deal, we did,” said McKinney, who runs Reliance Ranches with his son Micah and daughter-in-law Leslie McKinney, who will manage the operations at Lazy E.
Gary and Micah McKinney are veteran ropers and are also heavily involved in quarter horse racing and breeding.
Reliance completed the purchase of the 960-acre facility in Logan County from Lazy E Holdings LLC on Friday.
The transaction includes the 7,400-seat Lazy E Arena, a horse breeding facility with a stable of racing-bred American Quarter Horse stallions and a training center with a five-eighths-mile racetrack, along with barn, and horse boarding facilities.
The ranch and arena have about 60 employees.
Lazy E Holdings LLC, led by Las Vegas contractor Mike Coronado and former bull rider and businessman Wesley Adams, acquired the ranch and arena from E.K. Gaylord II in 2005. Adams died in 2011.
Coronado could not be reached for comment on Tuesday.
The more than 30-year old Lazy E will benefit from new owners who will inject new life into the property, said Robert Simpson, director of events, sponsorship and marketing at the ranch and arena.
“This is a shot in the arm for the Lazy E,” he said.
“We have a lot of tenured staff here who have been with us 15 to 20 years and they are very excited about the injection of energy from the new owners.”