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Tracks to go on block

19 October 2009

WILMINGTON, Delaware -- As reported by the Baltimore Sun: "A federal bankruptcy judge approved Wednesday a plan to auction Pimlico Race Course and Laurel Park early next year, over objections from the tracks' former owners, who opposed the speed of the sale.

"Meanwhile, two potential Maryland buyers - developers David S. Cordish and Carl Verstandig - reiterated their interest in bidding on the tracks and the Preakness Stakes.

"Magna Entertainment Corp., the Canadian firm that owns the racetracks and the Preakness Stakes and filed for bankruptcy protection in March, said the auction should be held quickly because Maryland law gives the state 60 days to review a deal and the right to match any bid.

"The sale procedures also would require potential buyers to keep the Preakness, the middle leg of racing's Triple Crown, in Maryland, satisfying concerns of the state and others in the horse industry who had feared losing the state's single largest sporting event..."

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