Sale of Magna Entertainment assets in Maryland postponed again

Magna sale of Md. tracks postponed again

WILMINGTON, Del. — The bankruptcy sale of Magna Entertainment Corp.’s horse racing assets in Maryland has been postponed a fourth time.

According to a filing Friday, a Feb. 23 auction of Laurel Park and Pimlico tracks and the Preakness race has been delayed to March 25. A new date for a hearing on the sale of Maryland Jockey Club assets was not set.

Also postponed Friday was a hearing on Maryland’s asserted right of first refusal in any sale. The state wants the Preakness race at Pimlico, part of horse racing’s Triple Crown, to stay in Maryland.

Magna, the largest horse-track owner in the United States, filed for bankruptcy protection last March, saying it was unable to obtain new financing while supporting its existing debt.