ANDY ROSEN and LIZ FARMER
Daily Record Business Writers
April 8, 2009 9:36 AM
ANNAPOLIS — Gov. Martin O’Malley on Wednesday began a late-session push for stronger state control over the fates of Pimlico and Laurel racetracks and the Preakness Stakes.
All three properties are owned by Magna Entertainment Corp., which has filed for federal bankruptcy protection in Delaware. The company is asking for an auction of its assets, including the Maryland tracks, on July 30, and uncertainty over the future of the Preakness — the second jewel in horse racing’s Triple Crown — has raised increasing concern with city and state officials.
A bill proposed by O’Malley and introduced Wednesday would give the state power to seize the tracks through eminent domain, and would also give the Maryland Economic Development Corp. the authority to issue debt to buy the tracks. The state already has the right of first refusal over the sale of Preakness, but some are concerned about how that would play out in bankruptcy court.
Daily Record Business Writers
April 8, 2009 9:36 AM
ANNAPOLIS — Gov. Martin O’Malley on Wednesday began a late-session push for stronger state control over the fates of Pimlico and Laurel racetracks and the Preakness Stakes.
All three properties are owned by Magna Entertainment Corp., which has filed for federal bankruptcy protection in Delaware. The company is asking for an auction of its assets, including the Maryland tracks, on July 30, and uncertainty over the future of the Preakness — the second jewel in horse racing’s Triple Crown — has raised increasing concern with city and state officials. A bill proposed by O’Malley and introduced Wednesday would give the state power to seize the tracks through eminent domain, and would also give the Maryland Economic Development Corp. the authority to issue debt to buy the tracks. The state already has the right of first refusal over the sale of Preakness, but some are concerned about how that would play out in bankruptcy court.