MAGNA PURCHASE OF NY OTB IMMINENT

July 21, 2001 7:30 PM
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The announcement of the purchase of New York’s OTB by Magna Entertainment was postponed Friday after the indictments of four NYRA clerks were revealed.

Magna officials were in Manhattan for the event, which was abruptly canceled by Mayor Rudy Giuliani who cited “unresolved financial issues” for the delay.

Insiders said the indictments against four clerks for money laundering were also a consideration. The NYRA had a competing bid to purchase OTB, but was reportedly $100 million less than Magna’s offer.