• The existing 82 Acre Palm Beach Polo Equestrian Center (PBPEC), home of the Winter Equestrian Festival and the National Horse Show, has been acquired from Palm Beach Polo, Inc for $25 million dollars.
• All litigation between WEP and Palm Beach Polo has been settled. Mark Bellissimo, WEP Managing Partner, commented, “I would like to personally thank Glenn Straub, whose cooperation and understanding made this announcement possible.”

Glenn Straub added, “I believe in this vision, and want to pass the baton to a new generation of equestrian ownership that will build a world-class equestrian facility and bring a new level of U.S. and international equestrian appeal to Wellington. I decided I needed to take action to support this project and our community, not only because it would stabilize all of our investments, but because there are a great number of third-party families and business owners getting hurt by this fight and that’s just not right.”

In the best interests of the sport and in spite of their differences, WEP is committed to working collaboratively with Stadium Jumping, Inc. (SJI) to ensure a successful 2007 National Horse Show and 2008 Winter Equestrian Festival (WEF). WEP will be withdrawing the eviction action against SJI filed by Palm Beach Polo, Inc., which transferred as part of the settlement agreement.