Magna Extends Bids Deadline For Tracks

November 17, 2009|By Hanah Cho | Hanah Cho,Hanah.cho@baltsun.com

Magna Entertainment Corp. has pushed back by a week the deadline for the second round of bids for Pimlico Race Course and Laurel Park. Bids will now be due Dec. 11 instead of Dec. 4, according to court papers.

Magna announced last week that the auction of the two Maryland thoroughbred tracks will proceed without a lead bidder. A representative of the financial firm handling the sale indicated last week that the deadline for the second round of bids could be extended.

Magna filed for bankruptcy protection in March.

The move also pushes back the deadline for the state to receive the names of bidders from Dec. 7 to Dec. 14, Brian Rosen, a New York attorney representing Magna, said Monday.

The state has the right to review deals and to match any bid for the Preakness, the second leg of racing's Triple Crown which is held at Pimlico. Any party submitting a bid must agree not to move the Preakness outside Maryland under the auction procedures.

The auction remains scheduled for Jan. 8, Rosen said.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.