Magna Entertainment sells Florida land to parent

Newswire

(In U.S. dollars unless noted) TORONTO, March 28 (Reuters) - Magna Entertainment Corp. , a problem-plagued U.S. horse-racetrack operator established by Canadian auto-parts tycoon Frank Stronach, is selling Florida real estate to its parent company to try to get on a firmer financial footing. The parent, MI Developments , said on Wednesday it will pay $35 million to subsidiary Magna Entertainment for property adjacent to Magna Entertainment's Palm Meadows thoroughbred horse training ...

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