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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) July 14, 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)
0-28003 98-0208374
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(Commission File Number (I.R.S. Employer Identification No.)
285 West Huntington Drive, Arcadia, California 91007
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(Address of Principal Executive Offices) (Zip Code)
(626) 574-7223
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if changed Since Last Report)
ITEM 5. OTHER EVENTS
On July 14, 2000, the Registrant issued a press release in which the Registrant
announced that effective 7 August 2000 Mr. Jerry Campbell, the current President
and Chief Executive Officer of the Registrant, will resign. His place will be
taken by Mr. Mark Feldman. Mr. Campbell will continue as Vice-Chairman and a
director of the Registrant.
The full text of the press release issued by the Registrant is filed as Exhibit
1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 1 Copy of Registrant's press release dated July 14, 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: July 14, 2000 by: /s/ J. Brian Colburn
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J. Brian Colburn, Secretary
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INDEX TO EXHIBITS
EXHIBIT DESCRIPTION OF EXHIBIT
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1 Registrant's press release dated July 14, 2000
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EXHIBIT 1
285 West Huntington Drive
MAGNA ENTERTAINMENT CORP.
Arcadia, CA 91007
Tel: (626) 574-7223
Fax: (626) 446-9565
PRESS RELEASE
MAGNA ENTERTAINMENT ANNOUNCES NEW PRESIDENT AND CEO
July 14, 2000, Arcadia, California.....Magna Entertainment Corp. (NASDAQ: MIEC;
TSE: MIE.A, MEH) today announced the appointment of Mr. Mark Feldman to the
position of President and Chief Executive Officer effective August 7, 2000
following the decision of Mr. Jerry Campbell to commence working on a part-time
basis. He joins the Company after spending 7 years as one of the key executives
of the international television programming network E! Entertainment Television.
Most recently, Mr. Feldman was Executive Vice President of E! responsible for
all of its core business operations, including all international ventures and
sales, online operations, new business development and general administration.
During Mr. Feldman's tenure, E! grew from being a relatively unknown cable
network into one of the world's leading cable and satellite television
programming producers with one of the most recognizable brands in the
entertainment industry, as well as owning and operating the category leading E!
Online website. Mr. Feldman's extensive experience in the media, entertainment
and Internet industries, coupled with his operational experience, will be
instrumental in furthering the Company's media sports wagering strategy and
improving overall operating results.
Mr. Feldman will be assisted in the Company's media initiative by Mr. Richard
Goldberg who recently joined the Company as a consultant. Mr. Goldberg has spent
the last 7 years as one of the key executives of Direct TV.
Mr. Campbell will continue as a director and be appointed as a Vice-Chairman of
the Company following his resignation. He will actively assist the Company in
the future in respect to various strategic initiatives, the expansion of the
Company's shareholder base and racetrack management. This will provide the
Company with continued access to his over 30 years of industry experience in the
thoroughbred horse business, in both breeding and racing, as well as his
extensive experience as a chief executive. Mr. Campbell commented: "I am pleased
to continue to serve as Vice-Chairman and to remain a director of the Company.
MEC has a strong balance sheet, has assembled some of the finest and
strategically located thoroughbred racetracks in the United States and has the
ability to expand, particularly pari-mutuel wagering via off-track betting
centers (OTB's) and telephone account wagering systems, within currently
existing regulations."
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Mr. Feldman stated: "I am thrilled to have the opportunity to work with Jerry
Campbell, the other members of the MEC Board of Directors and the talented MEC
management team. I am anxious to get started implementing the Company's
multi-faceted growth strategy, including maximizing opportunities to utilize
interactive media in sports wagering, development of the Company's real estate
assets with location based entertainment and retail operations and improving
cash flow by taking advantage of scale efficiencies in track operations. All of
these initiatives will be supported and enhanced by our commitment to developing
a strong global brand."
The Company's Chairman, Mr. Frank Stronach, said: "I would like to thank Jerry
for his contributions in establishing the Company and am delighted that he will
continue to provide guidance and assistance to the management team as
Vice-Chairman. I believe that the management changes, with Mark and Richard as
part of the team, will facilitate our pursuit of the opportunities in media
distribution of racing and sports wagering."
The Company acquires, develops and operates horse racetracks and related
pari-mutuel wagering operations, including 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. As a complement to its
horse racing business, the Company is exploring the development of media sports
wagering operations as well as certain leisure and retail-based real estate
projects.
This press release contains various "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). The
Act provides certain "safe harbor" provisions for forward-looking statements.
All forward-looking statements made in this press release are made pursuant to
the Act. The reader is cautioned that these statements represent our judgment
concerning the future and are subject to risks and uncertainties that could
cause our actual operating results and financial condition to differ materially.
Forward-looking statements are typically identified by the use of terms such as
"may," "will," "expect," "anticipate," "estimate," and similar words, although
some forward-looking statements are expressed differently. Although we believe
that the expectations reflected in such forward-looking statements are
reasonable we can give no assurance that such expectations will prove to be
correct.
For more information contact:
David A. Mitchell, EVP & CFO
Magna Entertainment Corp.
285 W. Huntington Drive
Arcadia, CA 91007
(626) 574-7223
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