On July 15, the Maryland Jockey Club and Magna Entertainment Corp. announced an agreement in which Magna would become majority owner of the Maryland Jockey Club and assume controlling interest in Pimlico Race Course, Laurel Park and the Bowie Training Center.

The Maryland Racing Commission will meet today and is expected to approve the deal. Here are the details:

The deal is valued at $117.5 million. Approximately $30.2 million of that is current debt of the Maryland Jockey Club.

Magna will own 51 percent of the Maryland Jockey Club.

Joe De Francis, president and CEO of the Maryland Jockey Club, and his sister, Karin De Francis, an MJC executive vice president, will own 49 percent. Joe De Francis will retain day-to-day management.

Magna will pay $49 million to buy out MJC minority owners Martin Jacobs, the Laurel Guida Group and Leucadia National Corp.

Magna will pay a total of $1.6 million to Karin and Joe De Francis.

Magna will also pay the De Francises $9.2 million each for the right to buy them out in four years. If Magna exercises that option, it would pay the De Francises an additional $18.3 million at that time.

Karin and Joe De Francis can sell their interests to Magna at any time during the next five years.

The De Francises, Jacobs, the Guida Group and Leucadia will form a joint venture that would receive a portion of slot-machine revenue if slots are approved at the tracks.