I don't see this as a good thing for racing. Frank on the hook for the bleeding red books without Magna to bail him out?
But he starts off well, paying 20 mil in cash for properties valued at 500-750m. Most of that value is in the future real estate development, not in the tracks. (BTW, I could be wrong, but I don't think he even gives up the 1% equity stake in MID, he just gives up the 57% control of B class voting share plan.)
EDIT: to note the DRF report is wrong. Frank isn't paying 20 mil. MID is giving him the 20 million in "working capital" and will pay 2.5 mil for Jan. and 3.8 mil to operate the tracks for every month until the deal closes at end of June at earliest.
I predict that Frank will shed some of the properties and/or take on some new gambling partners.