MEC Confirms De Francis Resignation

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Magna Entertainment Corp. confirmed March 3 the resignation of Joseph De Francis from the company’s board of directors.

In a news release, MEC said De Francis previously resigned his position as executive vice president pursuant to the company exercising an option in September 2007 to purchase the remaining interest in The Maryland Jockey Club.

"I want to thank Joe for all of his hard work on behalf of MEC over the years and we wish him well in his future endeavors," said Frank Stronach, MEC's chairman and interim chief executive officer, in a statement.

The move was expected after De Francis in a published report said he would offer his resignation following comments Stronach made in a Feb. 29 conference call. In the call, which discussed MEC year-end and fourth-quarter financials for 2007, Stronach said De Francis would not retain his director’s position, citing a conflict of interest with the potential passage of legislation on slots in Maryland this November.

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