Nasdaq cutting Magna on March 16

The Nasdaq market will delist Magna Entertainment Corp. securities on March 16, the racetrack ownership company has announced.

Magna, which filed for Chapter 11 bankruptcy protection last week, "does not intend to appeal Nasdaq's delisting," a Magna statement said.

Magna Entertainment, founded by Canadian auto-parts magnate Frank Stronach in 1998, became North America's largest owner of racetracks with nine venues, including Gulfstream Park, Santa Anita, Pimlico, Laurel Park, and Lone Star Park. It also operates training centers, offtrack wagering facilities, and the XpressBet account-wagering company.

In filings with the Securities and Exchange Commission on Tuesday, Magna Entertainment's parent company, MI Developments, indicated it planned to sell most of the racing facilities, with the apparent exception of Golden Gate Fields. MI Developments intends to pursue rezoning to allow development of that racetrack property in Albany, Calif.