Magna Seeks Approval Of Md. Racetracks Sale

Law360, New York (February 12, 2010, 1:29 PM EST) -- Although it has not yet found a stalking horse bidder, bankrupt horse track operator Magna Entertainment Corp. is looking to go forward later in February with the sale of its Maryland racetracks, including the Pimlico Race Course, home of the Preakness Stakes Triple Crown race.

Magna filed a motion Thursday in the U.S. Bankruptcy Court for the District of Delaware seeking authorization to sell the Maryland Jockey Club — which, along with Pimlico, includes the Laurel Park race course and the Bowie Training Center.

Since Magna...
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