The majority owner of Maryland's two thoroughbred tracks has agreed to a deal that would transfer all of its racing assets, including Laurel Park and Pimlico Race Course in Baltimore, to its chairman and chief executive Frank Stronach.
In exchange, Stronach will give up control of Ontario-based MI Developments, according to the agreement announced late Monday. Stronach currently controls 57 percent of the real estate company's voting power.
The restructuring means the racing operations would become a separate entity with assets including Santa Anita Park and Golden Gate Fields, both in California; Gulfstream Park in Florida and horse racing technology firm AmTote International, the Hunt Valley-based electronic bet-processing company.
The deal, which was approved by MI Developments' board, also requires shareholder approval and Ontario Superior Court of Justice. The deal is expected to close by June 30.
MI Developments owns Laurel Park and Pimlico under a joint venture with casino operator Penn National Gaming.