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Maryland Jockey Club Sold

July 15, 2002

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BALTIMORE (AP) _ Magna Entertainment Corp. will buy a majority interest in the Maryland Jockey Club, which owns Pimlico Race Course and Laurel Park.

Pimlico is home to the Preakness Stakes, the second leg of the Triple Crown.

Under an agreement between Magna and the De Francis family, which owns the jockey club, Magna will pay $117.5 million and receive a 51 percent equity and voting interest in the club. About $30.2 million represents the club’s debt, the jockey club said Monday.

Magna operates 10 racetracks across the country, including Santa Anita Park in Arcadia, Calif., Gulfstream Park in Hallendale, Fla., and Golden Gate Fields and Bay Meadows near San Francisco.

Joseph De Francis will stay on as president and chief executive officer of the jockey club, which was established in 1743. His sister, Karin De Francis, will continue to work on the management of the Preakness Stakes.

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