Frank keeps Laurel and Pimlico

phystech · #1 03-23-2010, 12:01 PM

Looks like he won't be selling after-all......

http://www.baltimoresun.com/business...,5618851.story

smuthg · #2 03-23-2010, 01:27 PM

unreal...

never been to either track, but if this statement is close to true, its a real shame...

"I'm very disappointed," Seder said. "I know that we were going to bid much higher than what they gave the assets back to (MID)."

Seder said that MID hasn't invested in the tracks in years and he doubts that would change.

"They haven't put in a new ashtray in 35 years," Seder said. "They have been losing more and more money. It's been going down the tubes. We were going to fix it up and had a lot of innovative ideas. Now we won't get the shot."

NTamm1215 · #3 03-23-2010, 01:40 PM

You have to love how this has all worked out. Stronach buys racetracks, loses money, loses all credibility with investors, goes bankrupt. As they're all being sold off he swoops in under a thinkly veiled cloak and buys them all back. Just works out great.

NT

-BT- · #4 03-23-2010, 01:49 PM

Shrewd Canadian businessman, at least we know he wont turn it into a parking lot

-bt-

phystech · #5 03-23-2010, 03:35 PM

I wonder exactly which planet in this universe Richard Hoffberger lives on...

From the Balt Sun article:

"I haven't had a chance to talk to Magna about their plans, but all things being equal, we know that (the owner of the company) has had a desire to run races," said Richard Hoffberger, president of the Maryland Thoroughbred Horsemen's Association.

Hoffberger said that Magna has invested money in the tracks over the years, but could have spent more on marketing. He also said that slots would help the tracks financially.

"Did they do everything right?" asked Hoffberger. "I don't even think that MID will tell you that they did everything right. At least we know these guys and we can work with them on a racing program."

Un effing believable - from a guy (Hoffberger) that still thinks MD should run 220 days of racing a year.....

tiggerv · #6 03-25-2010, 09:19 AM

http://www.washingtonpost.com/wp-dyn...032402913.html

Andrew Beyer:

"That cynical refrain from The Who's 1971 classic "Won't Get Fooled Again" sums up the latest development in Maryland horse racing. When the bankrupt Magna Entertainment Corp. canceled an auction of Laurel and Pimlico and instead transferred the tracks to MI Developments, the deal meant that they moved from one company controlled by Frank Stronach to another controlled by Frank Stronach"