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Bankers Urge New Jersey to Sell Tracks

19 November 2003

NEW JERSEY – As reported by the Thoroughbred Times "Lehman Brothers bankers told an executive committee of the New Jersey Sports and Exposition Authority that the state should consider selling control of the Meadowlands and Monmouth Park to a private investor.

"The authority, the state agency that operates the two tracks, has scheduled a meeting of its board for November 26, when a decision could be made to seek formal bids, which could reach about $300-million.

"Magna Entertainment Corp., North America's largest operator of racetracks, has indicated in the past it would be interested in acquiring the New Jersey tracks.

"…New Jersey Governor James McGreevey has mandated that the state remove itself from the sports business. In the past 1 ½ years, the authority has ceded control of Giants Stadium to the New York Giants football team, and it could give the New Jersey Devils and New Jersey Nets teams a similar deal with Continental Airlines Arena.

"Any move with the racetracks, which last year yielded $23.5-million in profits to the state, could be controversial…"

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