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Magna Buys Remaining Maryland Jockey Club Shares

Thursday, 27th September 2007

Magna Entertainment "has acquired the remaining interests in Maryland Jockey Club from Joe & Karin De Francis for about US$18.3 million plus interest," reported thoroughbredtimes.com. Magna acquired a majority interest in the Maryland Jockey Club (which owns Laurel Park & Pimlico, home of the Gr1 Preakness Stakes) in November 2002 & "option arrangements were scheduled to expire in November" this year. While Magna plans to sell at least 3 of its other North American racetracks, Magna chairman Frank Stronach said the company "is committed to Maryland, despite failed efforts to approve additional gaming for Maryland racetracks in the past 5 years".  Stronach emphasised: "From the time we acquired control of Maryland Jockey Club in 2002, we have intended to acquire the balance of the shares. The acquisition was specifically contemplated in our recently announced debt-elimination plan (involving selling other racing assets) & reflects our intent to focus the business on our core strategic racetracks."

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