Two major shareholders of MI Developments with the power to block a proposal to sell the company's equity in the troubled racetrack company Magna Entertainment Corp. have indicated that they are opposed to the plan.
Greenlight Capital Inc., which holds 10.8 percent of MI Development's class A subordinate shares, said in a release it issued on Wednesday that it was "vehemently opposed" to the proposal and called it a "value-destroying transaction."
A New York commission has concluded that the New York Racing Association violated a section of state law governing the awarding of contracts by hiring the consulting firm Getnick and Getnick last year without other bids, according to a report issued by the commission Wednesday.
LEXINGTON, Ky. - After 46 years at the helm of central Kentucky's famed Mill Ridge Farm, Alice Headley Chandler announced Wednesday that she and her husband, Dr. John Chandler, have handed over day-to-day management of the Lexington nursery to her son, Headley Bell.
Bell will take on the role of managing partner in the farm, one of Lexington's most successful breeding, boarding, and sales facilities. He also will remain president of Nicoma Bloodstock, which has long advised a number of Mill Ridge's clients.
Fillies led the way late Tuesday afternoon at Fasig-Tipton Texas's 2-year-old auction at Lone Star Park in Grand Prairie. At 5 p.m. Eastern, the session leader was a $160,000 Stormy Atlantic filly, the only six-figure horse at that time.
Charles A. Castille bought the chestnut filly, who sold as Hip No. 148 from Asmussen Horse Center, agent. Named Akiane, the filly is out of the Marquetry winner Win for Stacy and is a half-sister to the stakes winner Bandido. Bandido gave the pedigree a last-minute boost with his March 29 victory in the restricted Cocodrie Stakes at Delta Downs.
Average all-sources handle on live races during the 81-day Fair Grounds meet in New Orleans declined by 1.6 percent compared with the figure for last year's meet, according to wagering information provided by the Louisiana Racing Commission.
Daily all-sources handle, including ontrack wagers and bets made on Fair Grounds races at offtrack locations, fell from $4,432,445 during the 2006-07 meet to $4,361,099 during the 2007-08 meet. Ontrack handle also declined slightly, by 0.6 percent, from an average of $226,377 a day to $225,048, according to the figures.
MI Developments, the controlling stakeholder in the troubled racetrack company Magna Entertainment, is considering a shareholder proposal calling for the company to sell its equity in Magna Entertainment and transfer more than a $100 million of loans to a new limited-liability partnership, the company announced on Monday.
Fillies dominated Sunday's under-tack preview for Tuesday's Fasig-Tipton Texas juvenile sale in Grand Prairie, Tex.
Daughters of Aggie Southpaw and Cuvee had the fastest eighth-mile times of 10.20 seconds, while an Unbridled's Image filly was the fastest breeze for three-eighths.
The eighth-mile toppers were Hip No. 120, an Aggie Southpaw-Sweet Laur filly, and Hip No. 201, a Cuvee-Count the Cows filly.
The speediest over three-eighths of a mile was Hip No. 280, a daughter of Unbridled's Image and June in Green Bay, who covered the distance in 36.40 seconds.
The California Horse Racing Board on Thursday approved a rule change that, subject to final approval, would allow a horse returning from a layoff of 180 days or more, at a claiming price equal to or higher than in its last race, to be designated ineligible to be claimed.
The board also approved a rule change that would result in the stewards either fining a trainer $1,000 or scratching a horse running for the first time as a gelding who is not identified as such in the program.
The New York Racing Association reported a net loss of $34.28 million in 2007, according to documents the association released Friday.
The loss included one-time fiscal year expenditures of $7.09 million for expenses related to NYRA's reorganization plan from bankruptcy, and an income tax settlement of $9.33 million. The tax figure was reduced from an initial $1.6 billion IRS assessment. In 2006, NYRA had a total net loss of $17.83 million.