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Magna Parent To Take Control

Posted by: admin on Jan 11, 2010 - 04:23 PM
Miscellaneous

From the Daily Racing Form:

MI Developments, the parent company and largest creditor of the bankrupt racetrack company Magna Entertainment Corp., will take possession of Santa Anita Park, Gulfstream Park, Golden Gate Fields, and Magna's account-wagering company, XpressBet, after an agreement was reached with Magna's creditors' committee, several officials involved in the bankruptcy said on Monday.

Complete story here

UPDATE: The Wall Street Journal adds MI Developments would also have the right to receive the assets or proceeds from the sale of Portland Meadows.

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