Michigan Racing Commissioner Robert Geake said Aug. 9 he would authorize the transfer of the license for Great Lakes Downs near Muskegon from MI Racing Inc., a fully owned subsidiary of Magna Entertainment Corp., to Richmond Racing.
The order authorizing the transfer of the license states that the transfer is contingent upon the final sale and closing of the transaction between both parties.
"Our office has carefully reviewed all of the documentation related to the transfer application, as well as the information gathered at the public hearing held in June," Geake said in a release. "I have determined that the transfer meets the requirements specified by statute and is in the best interest of the Thoroughbred racing industry."
Under the terms of the agreement between MI Racing and Richmond Racing, MI Racing will continue to hold the license that permits live and simulcast racing at Great Lakes Downs. Plans call for a new track to be built in the Detroit metropolitan area.