By Liz Farmer
Daily Record Business Writer
The bankrupt owner of Maryland’s thoroughbred race tracks is moving forward in its auction of the tracks without selecting a leading bidder, but interested buyers said that change is not a deterrent.
Magna Entertainment Corp. could not come to a purchase agreement late Wednesday with the bidder it had selected to make its “stalking horse bid,” an initial bid chosen by the company that competing groups can bid against.
Ontario-based Magna was scheduled to file a motion Wednesday in federal bankruptcy court in Wilmington, Del., announcing the stalking horse bidder for its Maryland properties — Pimlico Race Course, Laurel Park and Bowie Training Center — and had been in talks with a group that filed in the first round of bidding last week.
But a managing director of Miller Buckfire, the New York-based company handling Magna’s assets auction, said Thursday Magna could not reach an agreement they felt was “deserving” of a stalking horse bid.
“Just because someone puts forward a bid doesn’t mean we have to take it,” said Michael Wildish. “They pushed our limits, and they found them.”
Miller Buckfire will instead move on and wait for the second round of bids for the properties to arrive next month.