| Magna Entertainment sells Ontario golf club to Magna International | | Posted Sunday, August 27, 2006 2:18:27 AM by BlogJeeves Team | | AURORA, Ont. (CP) - Magna Entertainment Corp. (TSX:MEC.A) has sold the Magna Golf Club in Aurora, Ont., to sister firm Magna International Inc. (TSX:MG.A) for $50 million plus the value of net working capital. Magna Entertainment, a spinoff of auto-parts giant Magna International, said Friday that $32.6 million of the proceeds was used to pay off loans with Bank Austria Creditanstalt AG related to the golf club. In addition, a subsidiary of MI Developments Inc. (TSX:MIM.A) - a related real-estate firm - will receive one per cent of the net proceeds for waiving repayment rights under a MEC bridge loan agreement struck last summer. .... | |
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