Frank Stronach buying Pimlico/Laurel

[karlskorner]

According to Thoroughbred Times Magna buying Pimlico/Laurel

www.thoroughbredtimes.com

Paying $100 Mil., which leaves him $157mil to scoop a couple of others up this year.

As I have said before Frank "loves" the "takeout" on exotics and when they put in slots, Valhalla. Sure beats the markup on aftermarket car parts.

And so it goes

Karl

[smf]

Talk about the worst of both worlds. Stronach owns the track, the DeFrances family w/ still be active in management.

[karlskorner]

SMF

Believe me, the DeFrancis family willl have as much say in management as Doug Donn (former "sole" owner of Gulfstreeam Park). When I meet him I ask "How you doing Doug" answer "Dah, What happened ? "

Karl

[takeout]

Given the track record of their ownership, I’m surprised it’s even an issue. Magna must want those “fixer uppers” bad!

[andicap]

bad news for TVG since Md. had been a TVG track. No way will TVG be getting Md signals now that Magna owns it. TVG is one struggling company.

Everyone here who got all pissed off because TVG was getting exclusivity with NY and KY and other tracks will be happy to know that Magna could end up being the only company running a TV network. I could see TVG just bailing out and selling the business.
Everyone wanted competition -- so what will happen? There will be a monopoly.

[GR1@HTR]

Yeah, a monopoly for sure...My intent was to boycot Magna tracks until they purchased my home track (LS). So now they got me by the b*lls. Either I boycot or give in...I'm weak so I give in...Words are easier than action...

[karlskorner]

I posted months ago what I believed Frank Stronach's intentions were. He is about to give a new meaning to the word monopoly.

As far as previous management being involved, forget it. Frank's "people" are in place, old management is in charge of seeing that the pop corn is hot and yesterdays "leftover" hotdogs are the first to be sold today.

Karl

[takeout]

If TVG ever folds it will just strike me as the natural order of things. Most of their problems appear to be of their own making.

A Magna monopoly may also be just the natural order of things. They don't seem to be having too much trouble acquiring tracks.

[karlskorner]

Takeout;

For the moment, put yourself in Frank Stroanch's shoes. You have 1000's upon 1000's of people working for you. High salaries, bonuses, health plans, insurance, perks, accounts receivables, that come a recession or depression, you are going to have to eat, a warehouse full of 1987 Toyota fenders and bumpers, Federal govt. agencies watching your every move so that you don't dig a hole and bury those Toyota parts.

Now he buys into a business that people walk through a turnstyle or place a phone call or punch into the computer and give you money, thousands upon thousands of dollars each and every day. You take your cut, dish out some to local govt. and trainers and you keep the rest. Over 1/2 the employees on the ground are paid by somebody else (trainers, etc) and those on your payroll are receiving minium wage or close to it. No more inventory, no more unions, govt. agencies etc. to concern yourself about. Some of these tracks are depressed and need work, so you convince the authorities the only way to save them is with SLOTS. He can't wait. And when he owns enough tracks, at that time will he make a new set of rules.

Karl

[Tom]

Originally posted by karlskorner

.... old management is in charge of seeing that the pop corn is hot and yesterdays "leftover" hotdogs are the first to be sold today.

Karl

If that's the case, I sure hope he buys Finger Lakes!
That would be M-A-J-O-R improvement!

[takeout]

http://news.bloodhorse.com/viewstory.asp?id=9643

In this article is says, "Joe De Francis is reportedly demanding an active role on the board of directors, but has agreed to allow Magna to hire a management team for daily operations."

That's big of him. Why doesn't he just keep the place? And, what's going to happen with those hot dogs!