08/08/2004 11:00PM

Michigan OK's Magna license switch

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The Michigan Racing Commission has decided to approve a license transfer for Great Lakes Downs in Muskegon from Magna Entertainment Corp. to a company affiliated with Magna's chairman, according to Robert Geake, a state racing commissioner.

The license will be transferred to Richmond Racing Co., whose principal, Jack Brothers, was a former bloodstock adviser for Frank Stronach, the chairman of Magna.

Magna is attempting to obtain approval to build a new racetrack across the state, outside of Detroit. Michigan law currently prohibits a company from holding two racetrack licenses.