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Frank Stronach, founder and leading shareholder in Magna Entertainment Corp. (MECA) through his control of MI Developments Inc. (MIM), has agreed to pay $96.5 million to settle allegations that he looted the company’s assets prior to the company filing for bankruptcy last year.

Lawyers said the agreement clears the way for Magna Entertainment to exit bankruptcy in the coming months.

The money will be used to pay unsecured creditors. It will involve proceeds from the sale of racetracks in Texas and Maryland.

As a result of the agreement, MIM will obtain some Magna assets to settle its claims, as well. These include Golden Gate Fields and Santa Anita in California, and Gulfstream Park in Florida.

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