Magna seeks extension to reveal bid for tracks

The bankrupt owner of Maryland's Pimlico Race Course and Laurel Park filed Monday a motion seeking to extend the deadline to provide a lead, or "stalking horse," bid for the Maryland assets to Wednesday. Magna Entertainment Corp., which filed for bankruptcy protection in March, was scheduled to reveal the lead bidder Monday. According to court documents, Magna said it's working to finalize a purchase agreement with an unnamed party, but negotiations were not expected to be completed by Monday's deadline. Magna received initial bids on the tracks and the Preakness last week. Under the Jan. 8 auction procedures, any party submitting a bid for the Preakness must agree not to move the race outside Maryland.

-Hanah Cho