Manatt Sports: Maryland's Bad Track Record

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No sooner did the ink dry on my celebration of the 25th anniversary of the erstwhile Baltimore Colts' midnight departure to Indianapolis, when Maryland has provided us with more eminent domain related stuff for our gristmill. It seems that profitability of horse racing isn't what it used to be, and Magna Entertainment Corporation, the owner of the Preakness horse race, one of the jewels in the Triple Crown, has filed for bankruptcy. Its assets, including not only the famous, 140-acre Pimlico racetrack where the Preakness is run, but also the intellectual property rights in the Preakness name will have to be disposed of by the bankruptcy court.

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