Rick Caruso

Md. tracks on auction block

Magna Entertainment Corp., the troubled owner of Maryland's thoroughbred tracks, filed for bankruptcy protection yesterday and essentially put all of its racetracks up for sale, including Laurel Park and Pimlico Race Course, home of the Preakness Stakes.

Asked whether Magna would sell Pimlico, Laurel and California's storied Santa Anita Park, Magna Chairman and CEO Frank Stronach said in a brief telephone interview, "If the price is right."

The filing was expected after the company defaulted on a bank loan tied to Pimlico, Laurel and the Maryland Jockey Club while it also faced a $40 million loan payment due yesterday. Still, the looming auction process for Magna's...