Fate of Golden Gate Fields Still Uncertain
By Richard Brenneman
Thursday July 30, 2009
The fate of Golden Gate Fields, the Bay Area’s last remaining horseracing venue, remains uncertain as parent Magna Entertainment continues to undergo bankruptcy proceedings in the United States and Canada.
In a filing with the U.S. Bankruptcy Court in Delaware, creditors of the ailing company claim it illegally siphoned off $125 million in assets to other companies controlled by Magna Entertainment chief executive Frank Stronach.
Representatives of Stronach’s company have denied the allegations, according to Frank Angst, in an article he wrote for Thoroughbred Times last Thursday, July 23.
The court has already approved the sale of four Magna tracks, including Santa Anita in Southern California.
Magna has stated in court that Golden Gates Fields is also for sale, though no price has been listed. The court earlier rejected a so-called stalking-horse bid which would have allowed Stronach’s MID corporation to acquire the Albany track.