SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) December 11, 2000
MAGNA ENTERTAINMENT CORP.
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(Exact Name of Registrant as Specified in its Charter)
Delaware, United States of America
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(State or Other Jurisdiction of Incorporation)
000-30578 98-0208374
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(Commission File Number (I.R.S. Employer Identification No.)
2001 Wilshire Boulevard, Suite 400, Santa Monica, California, USA 90403
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(Address of Principal Executive Offices) (Zip Code)
(310) 829-9907
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if changed Since Last Report)
ITEM 5. OTHER EVENTS
On December 11, 2000, the Registrant issued a press release in which the
Registrant announced that Mr. Mark Feldman, its President and Chief Executive
Officer, had resigned as a consequence of the consolidation of operational
activities in Toronto. Mr. Frank Stronach, Chairman of the Board, will assume
the additional responsibilities of President and Chief Executive Officer on an
interim basis.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 1 Copy of Registrant's press release dated December 11, 2000 is
attached as Exhibit 1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MAGNA ENTERTAINMENT CORP.
(Registrant)
Date: December 11, 2000 by: /s/ Gary M. Cohn
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Gary M. Cohn, Secretary
EXHIBIT 1
MAGNA ENTERTAINMENT CORP.
2001 Wilshire Blvd., Suite 400
Santa Monica, CA 90403
Tel: (310) 829-9907
Fax: (310) 453-1885
Website: magnaentertainment.com
PRESS RELEASE
MAGNA ENTERTAINMENT CORP. ANNOUNCES
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CONSOLIDATION OF OPERATIONS IN TORONTO
AND RESIGNATION OF PRESIDENT AND
CHIEF EXECUTIVE OFFICER
December 11, 2000, Arcadia, California......Magna Entertainment Corp. ("MEC")
(NASDAQ: MIEC; TSE: MIE.A, MEH) today announced that it would be consolidating
its operational activities in Toronto and that as a consequence, President and
Chief Executive Officer Mark Feldman has elected to resign his position with the
Company. Mr. Feldman will remain with the Company as a member of the Board of
Directors and as a consultant in the areas of television, internet, marketing
and other media applications. Frank Stronach, Chairman of the Board of the
Company, will assume the additional responsibilities of President and Chief
Executive Officer on an interim basis.
Mr. Stronach stated: "As was previously announced, Don Amos has been appointed
Chief Operating Officer and Graham Orr has been appointed Chief Financial
Officer of the Company. Mr. Amos and Mr. Orr are based in Toronto, where they
were both previously senior officers of Magna International. Their appointment
reflects my desire to remain closely involved with the Company during its
formative years. As a result, Mark agreed that it would be more effective to
consolidate operations in Toronto, but was not prepared to relocate his family
to Toronto. I am pleased that Mark has agreed to continue to provide his
services to the Company as a consultant, as he is an outstanding media
executive."
Mr. Feldman stated: "I continue to be enthusiastic about the growth potential
for the Company and its prospects to become a leader in the horse racing account
wagering business. It is clear that Mr. Stronach should work closely with the
executive team during these early years of developing the Company's operations.
In this regard it makes sense to operate the business from Toronto. I look
forward to continuing to assist MEC in its key initiatives in the electronic
media fields."
The Company, one of the largest operators of premier horse racetracks in the
United States, acquires, develops and operates horse racetracks and related
pari-mutuel wagering operations. These racetracks, which include Santa Anita
Park and Golden Gate Fields in California, Gulfstream Park in Florida, Remington
Park in Oklahoma, Thistledown in Ohio and Great Lakes Downs in Michigan,
accounted for 23% of the amounts wagered on pari-mutuel racing in the United
States in 1999. As a complement to its horse racing business, the Company is
exploring the development of media sports wagering operations, including
telephone account, interactive television, and Internet-based wagering, as well
as certain leisure and retail-based real estate projects.
For further information please contact Graham Orr, Chief Financial Officer at
905-726-7099.