Technology entrepreneur Halsey Minor said Wednesday he wants to acquire the ailing Magna Entertainment in order to take over its racetracks and revive the ailing horse racing industry by attracting more fans with better action.
Minor, a Virginia native with roots in horse country, said he wants to acquire Laurel Park, Pimlico and Magna’s other tracks around the country, adding that Magna’s tracks are in “horrible condition,” and that he would be interested in building a new Maryland facility equal to the stature of the Preakness.
But he has “no interest in having slots” at the racetracks.
“Horse people are not going to be good at the slots business,” Minor said at a news conference with Maryland Comptroller Peter Franchot. “Slots do not belong with thoroughbred racing.”
“The only way that racing is going to survive today is if it’s run for fans,” Minor said.
Minor, 44, founded CNET, one of the first profitable Internet companies, in 1992 and became a multimillionaire.
He said he has proposed buying some of Magna Entertainment’s $700 million in debt from its parent company, Magna International Development (MID), and will hold discussions with the principals this weekend.
Minor is also attempting to buy Hialeah racetrack in Miami. He hopes to transform the industry by speeding up the pace of action — shortening the time between races to 20 minutes, for instance. He also wants to provide greater fan contact with the horses and offers other horse attractions that will appeal to the entire family. Minor also favors night racing.
“The problem with horse racing is you get to see so little of it,” Minor said. “Racing is the only sport that hasn’t had a reformation.”
Minor has a venture capital firm investing in technology companies and also has an extensive art collection.
A spokesman for MID said the company was not commenting on Minor’s proposal “at this time.”
