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Magna Takes 100% of Maryland Jockey Club

BALTIMORE-The Canada-based racetrack owner exercises its option to acquire the remaining 49% of the company that operates Pimlico and Laurel Park.

By Marita Thomas | Updated on September 27, 2007

BALTIMORE-Magna Entertainment Corp. has exercised its option to acquire the remaining 49% stake in locally based Maryland Jockey Club, which operates Pimlico Race Course here and the Laurel Park racetrack in Laurel, MD. Under the agreement struck with MJC’s previous owners, entities of the De Francis family, in November 2002, Ontario-based Magna paid $18.3 million plus interest for the remaining portion of the company.

Its assets include Pimlico, best known for hosting the Preakness, which is the second leg of horseracing’s Triple Crown; Laurel Park, which is located midway between Baltimore and Washington, DC, and a training center in Bowie, MD. In 2002, Magna acquired 51% of MJC and its assets in a series of complex transactions with various De Francis entities. The buy represented an aggregate value of approximately $117 million and included a payment of $51 million in cash.

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