Pimlico and Laurel Park auction delayed

Posted: 12:55 pm Mon, January 18, 2010
By Liz Farmer
Daily Record Business Writer

The auction of Maryland’s thoroughbred race tracks has been delayed a second time.

The fate of Pimlico Race Course and Laurel Park will now be decided on Feb. 10, according to a motion to delay the auction filed by Magna Entertainment Corp., the company that owns the tracks.

Magna’s attorneys did not give a reason for the delay in the filing and did not immediately return a call for comment.

Two weeks ago, the auction was pushed back to Thursday, also at the request of Magna. An attorney for the Ontario-based company said at the time Magna wanted more time to reach a preliminary agreement with one of the six qualified bidders for its Maryland properties.

Magna was then to share that preliminary agreement with Maryland, to give the state the option of exercising its right of first refusal, and the other five bidders.

Magna filed for bankruptcy on March 5 of last year.