San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.
Adena Springs Farm has purchased a majority interest in the breeding rights of multiple grade I winner Tiago from the colt's owner and breeder, Ann and Jerry Moss.
Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
Frank Stronach's Adena Springs operation has canceled the 2008 edition of its annual broodmare sale. The auction, which featured mares in foal to Adena Springs stallions, had been held for 11 consecutive years previously.
Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.
A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.
Magna Entertainment Corp. has announced it has reached an agreement to sell land once designated by its founder for racetrack development in Ocala, Fla., for $16.5 million.
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
Adena Springs has canceled its juvenile sale for 2009, but is selling 217 yearlings this year at sales conducted by Fasig-Tipton, Keeneland, and the Ocala Breeders' Sales Co.
Hialeah Park owner John Brunetti is looking forward to meeting with prospective buyer Halsey Minor about what he calls multiple "hurdles" to returning racing to the historic track that last held a meet in 2001.
Florida's only harness track and several Thoroughbred industry executives are making plans for Quarter Horse racing, with potentially lucrative poker rooms serving as part of the attraction.
A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.
The parent company of Magna Entertainment Corp. has called off a scheduled July 24 shareholder meeting to vote on a complex reorganization plan that has raised the ire of some large stakeholders.
Eric Hamelback, who has been with Frank Stronach's Adena Springs twice during his career, has been named general manager of the Kentucky property.
Harlem Rocker, decisive winner of the Withers Stakes (gr. III) and fourth in the Plate Trial this season, will not contest the June 22 Queen's Plate (Can-IR) at Woodbine.
Harlem Rocker, regarded as one of the top 3-year-olds in North America and briefly under consideration for the Preakness Stakes (gr. I), failed in his first two-turn test June 1 at Woodbine. The son of Macho Uno finished a well-beaten fourth in the $150,000 Plate Trial Stakes.
Undefeated in three starts and considered by some as one of the most promising 3-year-olds in North America, Frank Stronach's highly-touted Harlem Rocker will face seven rivals in the $150,000 Plate Trial Stakes June 1 at Woodbine.
Big Brown's task just got a little - or a lot - easier with the decision of Harlem Rocker's owner Frank Stronach to bypass Saturday's Preakness Stakes (gr. I) and await the $1-million Queen's Plate at Woodbine June 22.
The Florida Legislature ended its annual two-month session May 2 without passing two slot machine bills that were sought by the Thoroughbred industry.
Now that the Santa Anita winter meeting has ended, work can begin in earnest on the choice of main-track surface. Following a comprehensive series of tests on the current main track, a decision is probable sometime in May, Santa Anita president Ron Charles said April 22.
A Macho Uno colt topped the opening session of the Ocala Breeders' Sales Co. (OBS) spring sale of 2-year-olds in training Monday in Central Florida, bringing $250,000 from Terri Pompay, who was acting on behalf of Klaravich Stable.
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.
A strapping A.P. Indy colt topped the seventh annual Adena Springs sale of 2-year-olds in training Monday, bringing $380,000 during the Central Florida auction that was conducted by the Ocala Breeders' Sales Co. (OBS) for the multiple Eclipse Award-winning operation headed by Frank Stronach.
Buyers will get an opportunity to acquire young horses from Frank Stronach's multiple Eclipse Award-winning program when the Ocala Breeders' Sales Co. conducts the Adena Springs sale of 2-year-olds training Monday.
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.
Magna Entertainment Corp. confirmed March 3 the resignation of Joseph De Francis from the company's board of directors.
Joe De Francis will shortly resign as a member of the Magna Entertainment Corp. board of directors, according to a published report.
With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.
Stronach Stables' Ginger Punch proved why she is a champion against an overmatched field Jan. 26 at Gulfstream Park, romping by 6 3/4 lengths in the $500,000 Sunshine Millions Distaff.
Fresh off her Breeders' Cup Distaff and Eclipse Award victories, the 5-year-old mare is the one to beat Jan. 26 at Gulfstream in the Sunshine Millions Distaff.
As a result of finishing 2007 as the leading breeder by earnings for the fifth consecutive year, Frank Stronach's Adena Springs was voted the outstanding breeder of the year for a record fifth time.
Former Magna Entertainment Corp. executive Graham Orr has won a $1.6-million judgment against his former employer in a wrongful dismissal case, according to a published report.
Santa Anita Park president and chief executive officer Ron Charles has taken on additional duties with the parent company of the racetrack after accepting an appointment as chief operating officer of Magna Entertainment Corp., it was announced Jan. 7.
Frank Stronach's Adena Springs heads the list of leading individual breeders in North America in 2007 with earnings of $18,055,772, according to statistics released Jan. 4 by The Jockey Club Information Systems.
The Horse Owners' Protective Association, an industry advocacy group that was formed in part by activist owner Jess Jackson, has announced a reorganization of its board and an expanded focus of its mission.
Frank Stronach, who will finish the year as the leading North American breeder and owner by earnings, has retired his grade I-winning filly Citronnade.
The Maryland Jockey Club announced Nov. 28 that president and chief operating officer Lou Raffetto Jr. will be leaving effective immediately to pursue other opportunities, and that Chris Dragone, a former senior vice president and general manager at the MJC, will take over his duties.
Magna Entertainment's debt-reduction sale of what it deems excess assets is under way with at least four properties already listed with real estate agents.
Buyers at the eighth session of the Keeneland November breeding stock sale kept things rolling Nov. 12, pushing the gross, average, and median towards positive gains in a session-to-session comparison over 2006.
Magna Entertainment blamed the weak performance of its slots operation at Gulfstream Park Racing & Casino as a key to another in a series of poor financial quarters, as the company announced a $49.8 million net loss ending Sept. 30.
Trainer Bobby Frankel said he isn't thinking about the Breeders' Cup Championships as much as the Sept. 30 Beldame (gr. I) at Belmont Park. The Frankel-trained Ginger Punch, a 4-year-old, will be the favorite in the Beldame, a 1 1/8-mile dirt race for fillies and mares.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
Magna International shareholders approved a plan Aug. 28 that will allow Russian Machines to acquire a 42% stake in the international auto parts supplier for $1.5 billion.
The highlight of the Ocala Breeders' Sales Co. August yearling sale's second open session was a $150,000 son of Macho Uno.
Frank Stronach's Adena Springs Farm, North America's leading breeder by earnings for the fifth consecutive year, will offer a large consignment of in-foal mares at both Keeneland and Fasig-Tipton mixed sales this fall.
- By Ryan Conley
A day after announcing new initiatives to reduce debt, Magna Entertainment Corp. hosted an earnings conference call Aug. 10 that was deemed by one financial analyst to be "irregular."
Magna Entertainment Co. announced "disappointing" second-quarter earnings Aug. 9 that included a $23.4-million loss during the period, and outlined new initiatives to help reduce mounting debt that has haunted the racetrack operator.
Frank Stronach's Adena Springs has moved to a new facility near Bourbon County, Ky.
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