Venable partner Greg Cross and associate Laura Bouyea successfully completed negotiations on behalf of the state of Maryland on an agreement that ensures the Preakness Stakes will be run in Maryland indefinitely.
The continuation of the race as a Maryland tradition had been threatened by the bankruptcy of Magna Entertainment Corporation. The agreement, which is binding on the new owners of Preakness as well as its affiliates, successors and assigns, requires the owners of the Preakness to run the race exclusively in Maryland.
The agreement also allows the state to enforce the commitment through an injunction rendered by any Maryland Court. The agreement was approved by the Delaware bankruptcy court on April 29, 2010.
The continuation of the race as a Maryland tradition had been threatened by the bankruptcy of Magna Entertainment Corporation. The agreement, which is binding on the new owners of Preakness as well as its affiliates, successors and assigns, requires the owners of the Preakness to run the race exclusively in Maryland.
The agreement also allows the state to enforce the commitment through an injunction rendered by any Maryland Court. The agreement was approved by the Delaware bankruptcy court on April 29, 2010.