No deal has been made to sell Maryland's major thoroughbred racetracks, and any pending agreement would face extensive regulatory scrutiny, a track representative told lawmakers yesterday in Annapolis.

Alan Rifkin, an attorney representing the Maryland Jockey Club, the owner of Pimlico Race Course and Laurel Park, appeared before the House of Delegates Ways and Means Committee to address widespread reports of a possible sale of the tracks.

Rifkin, of Rifkin, Livingston, Levitan & Silver, acknowledged that the tracks' ownership has received "overtures" from potential buyers, but said, "There is no agreement now."

Magna Entertainment Corp., a Canadian-based company that owns Santa Anita Racecourse, Gulfstream Park and a number of other tracks, has been in negotiations for months with Maryland Jockey Club president Joseph A. De Francis.

Neither side will confirm the talks, but sources familiar with the discussions say the deal that is emerging puts the value of the tracks and related holdings at more than $100 million and that it would allow Magna to buy a majority of the stock. De Francis and his sister, Jockey Club vice president Karin De Francis, would retain a significant minority share as well as top executive positions.

Eliminated as minority shareholders would be a New York investment firm, Leucadia National Corp., and Jockey Club treasurer and general counsel Martin Jacobs.

If an agreement were reached with a buyer for a majority share, the Maryland Racing Commission would have to agree to transfer the racing license to the new operator, Rifkin said. The commission would check its background and ensure the sale is "in the best interest of Maryland racing," he said.

The Preakness would almost certainly remain at Pimlico. By law, it can only be moved to another Maryland track in the event of an emergency, and the state has the right to match any offer from an entity wanting to move it out of state.

Magna is a publicly traded company whose controlling shareholder is Magna International Inc., one of the world's largest makers of auto parts.