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Michigan Racing Board Approves License Transfer

MICHIGAN – As reported by the Thoroughbred Times: "The Michigan Office of the Racing Commissioner announced Monday that it will authorize the transfer of the racing license for Great Lakes Downs from MI Racing Inc., a wholly owned subsidiary of Magna Entertainment Corp., to Richmond Racing Co., which bloodstock advisor Jack Brothers, a longtime associate to Magna Chairman Frank Stronach, controls.

"The transfer clears a major obstacle for Magna in its quest to be granted a license to operate Michigan Downs in Romulus since current Michigan law does not allow any person or corporation to hold more than one racing license.

"…According to the Office of Racing Commissioner, the transfer takes effect once ownership of the track changes hands. Brothers said he did not know when that would take place, but he said both parties were looking to move forward immediately. He added he did not plan any major changes concerning the operation of Great Lakes Downs…"

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