Magna auction timeline

Feb. 27, 2009: Magna announces that it defaulted on loans to PNC Bank and Wells Fargo

March 5, 2009: Magna files for bankruptcy, putting all its race tracks up for sale and saying it has lost $638 million since 2002

March 10, 2009: Pimlico Race Course, home to the Preakness Stakes, announces it is reducing the number of races from 31 to 20 because of a budget shortfall

March 11, 2009: Pepsi Bottling Group demands that Magna return $45,485.92 worth of products the soft drink company sold to its Maryland racetracks and elsewhere

March 20, 2009: Magna asks a Delaware bankruptcy judge for permission to auction Laurel Park and Pimlico. State hires Venable law firm to ensure state's rights when it comes to Preakness

April 14, 2009 – Gov. Martin O'Malley signs legislation giving the state eminent domain rights over Preakness

May 1, 2009 – Magna withdraws its proposal to auction off Maryland tracks in a bankruptcy sale

Oct. 12, 2009 Magna asks a bankruptcy judge for permission to auction its Maryland racetracks under the condition that potential buyers promise not to move the cherished Preakness

Dec. 13, 2009 – Six groups submit bids to buy race tracks in auction

Jan. 5, 2010 – The sale of Maryland's race tracks is postponed for the first of what would be four times

Feb. 9, 2010 – Sale of race tracks is set for Mar. 25

March 23, 2010 – Magna announces it is canceling auction and is selling the tracks to its parent company, MI Developments

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