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De Francis Wants Tracks Back

Joseph De Francis wants his racetracks back. De Francis and his sister Karin have submitted a bid through their family company – Gainesville Associates – to buy back the Pimlico Race Course and Laurel Park. De Francis says that his family has had a long history with the state of Maryland when it comes to horse racing and that they just want to be a part of it again.

De Francis was the Chief Executive of the Maryland Jockey Club until 2007, would like to purchase back the tracks, the Preakness and a training center that is located in Bowie. They are currently under auction as the current owner, Magna Entertainment Corp, had to file for Chapter 11 bankruptcy protection. They are being sold to try and raise money to pay off some of the company’s debts.

De Francis and his siblings had originally inherited the tracks when their father passed in 1989. They sold their controlling interest in the tracks to Magna, and after a few years of paying them they chose to buy them out completely. The De Francises each got millions of dollars from the sale of the tracks, but now they want them back as they say that they miss being a part of the industry and they are unhappy with the state that things are in right now.

There are other people interested in the tracks though – and much of that has to do with the fact that the tracks could be a location for slot machines. It is unlikely that if slot machines had not been legalized in the state that any of the people involved would be contenders. Even if the locations themselves don’t get slot machines, they would still get revenue from them per Maryland law.

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