Minor A Major Savior For Magna?

Published: October 21, 2008 03:16 pm EDT

On Friday, October 17, 43-year-old entrepreneur Halsey Minor announced publicly via letter that he wants to purchase $268.2 million in loans that MI Developments Inc. has given to Frank Stronach's horse racing entity Magna Entertainment Corp.

The letter was the same one that Minor had sent to the board of directors of MI Developments Inc.

In an article by The Financial Post, Minor stated that he didn't want to just offer MEC credit; he wants to take it over, as well. He also did not present a glowing review of Stronach's ideologies of how to reinvigorate racing. Minor was quoted as saying that Stronach's vision -- which includes slot machines and nearby shopping options -- has been "an utter disaster." He believes the racing itself should be the attraction.

"It cannot keep going the way it's going because it's killing racing in my country," Minor was quoted as saying. "My goal is to essentially be able to take control of Magna, and to ensure that racing doesn't get shut down, that the tracks don't get shut down, and that the process of reinvestments back into the industry can begin."

To read The Financial Post article in its entirety, click here.

(With files from The Financial Post)