Preakness required to stay in Maryland

ANNAPOLIS, Md., Oct. 13 (UPI) -- The bankrupt owners of the Pimlico Race Course and Laurel Park say bidders in an auction will be required to keep the Preakness in Maryland.

Court documents indicate that Magna Entertainment Corp., in seeking permission from a bankruptcy judge to auction off the properties, is requiring that bidders agree to keep the cherished horse race in the state, The Baltimore Sun reported Tuesday.

The revelation comes as a relief to state officials who had feared losing the famous annual thoroughbred event, the second jewel in racing's Triple Crown, the newspaper said.

"I am pleased that Magna recognizes the importance of keeping the Preakness here in Maryland, where it belongs and has been for over 100 years," Maryland Gov. Martin O'Malley said in a statement. "Maryland has a rich tradition of horse racing and horse breeding and these industries generate thousands of jobs and millions of dollars for our local economy each year."

The Canadian company pulled back an earlier proposal to auction the track and is now reportedly seeking a Jan. 8 auction date, with a deadline for application set for Nov. 2.