Bankruptcy proceedings by current owner, Magna Entertainment Corp.

Bankruptcy proceedings by current owner, Magna Entertainment Corp., have thrown the future of the race and the track into question.
Maryland senators have expressed misgivings about a bill that would strengthen the state's ability to acquire the Preakness Stakes horse race and the track where it is run.The measure would allow Maryland to use eminent domain law, if necessary, to acquire the second leg of the Triple Crown, plus Pimlico Race Course, Laurel Park and the Bowie Race Course Training Center.Several senators worried the state could get a "white elephant" at a time when funds are tight and interest in horse racing is dying. The bill was introduced Wednesday, and is set for a final vote Saturday in the Senate.