01/21/2004 12:00AM

Magna files to shift Mich. License

Email

Magna Entertainment Corp. has submitted an application to the Michigan Racing Commission to transfer its license for Great Lakes Downs to a company owned by an associate of Magna's chairman, Frank Stronach.

The application was submitted earlier this week, according to R. Robert Geake, Michigan's racing commissioner. The application asks for the racing license to be transferred to Richmond Racing Company, a Delaware corporation owned by Jack Brothers, a former bloodstock adviser for Stronach's Adena Springs Farm.

Michigan laws prohibit a company from holding two racing licenses. Magna has submitted plans to the Michigan Racing Commission to build a new racetrack outside of Detroit called Michigan Downs.

The law also prohibits interlocking directorates or cross-ownership among companies that hold racing licenses, Geake said. Asked if the law would apply to associates of track owners, Geake said, "I don't believe so, but that's something our staff would be looking at."

Magna officials did not return phone calls Wednesday.