Magna Finalizes Purchase of Portland Meadows

Magna Entertainment Corp. completed on Friday the previously announced purchase of the long-term operating rights for the Portland Meadows racetrack, along with an interest in the Portland Meadows real estate from Portland-based developer Thomas P. Moyer.

The transaction gives MEC the right to operate horse racing at Portland Meadows on a long-term basis. The financial terms of the transaction were not disclosed.