12:33 PM EST - Magna Entertainment Corp. : is exercising an option to buy out the minority owners of the Maryland Jockey Club for US$18.3 million. The transaction "was specifically contemplated in our recently announced debt elimination plan, and reflects our intent to focus the business of MEC on our core strategic racetracks," Magna Entertainment chairman Frank Stronach stated Monday. Magna Entertainment took a 51 per cent interest in 2002 in the Maryland Jockey Club, which operates Pimlico Race Course in Baltimore, site of the Preakness thoroughbred Triple Crown race, and Laurel Park in Laurel, Md. The five-year option arrangement with Joseph De Francis and Karin De Francis was set to expire in November. Magna Entertainment Corp.
shares T.MEC.A are trading down 0.08 cents at $2.45.
