Magna Requests January Auction Of Maryland Racetracks
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MEC Would Auction Pimlico Under Condition
That Preakness Not Be Moved Out Of State |
Pimlico Race Course and Laurel Park Owner Magna Entertainment Corp. (MEC) has "asked a bankruptcy judge for permission to auction its Maryland racetracks early next year, under the condition that potential buyers promise not to move the cherished Preakness out of the state," according to Robert Little of the Baltimore SUN. MEC, which "withdrew a proposal to auction the tracks this summer," offered a "new timeline for a potential sale" in documents filed with the bankruptcy court on Friday. MEC, whose request "could be considered by the bankruptcy judge as early as" tomorrow, asked for a January 8 auction date and also "asked for a Nov. 2 deadline for potential buyers to submit bids." That would "allow any potential sale to comply with" Maryland state law, giving the state government 60 days to "review a deal and step in with its own purchase of the Preakness." Maryland earlier this year passed a law "granting the government rights to seize the Preakness under eminent domain," and MEC in its court documents indicated that it "reserves the right to contest the law but proposed the time frame in the spirit of compliance." Little notes with MEC's "request that bidders pledge to leave" the Preakness in Maryland, state government leaders are "optimistic that Maryland will keep its Triple Crown jewel without a fight" (Baltimore SUN, 10/13). DAILY RACING FORM's Matt Hegarty noted the MEC request "also seeks to set a deadline of Feb. 10 for bidders interested in two California tracks, Santa Anita Park and Golden Gate Fields, and two Florida properties, Gulfstream Park and Palm Meadows Training Center, to be followed 15 days later by an auction for the assets." The two new auctions "resurrect plans by Magna to offer all of its properties for sale" (DRF.com, 10/12).
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