According to the Associated Press, a bankruptcy auction of the Laurel Park and Pimlico racetracks has been called off following a deal in which Magna Entertainment Corp.’s parent company will acquire its Maryland assets.

To acquire the assets of the Maryland Jockey Club, Magna parent MI Developments will pony up $89 million to settle a lawsuit filed by Magna’s unsecured creditors committee. That money will be used to pay general unsecured claims against Magna and its other debtor entities.

MID also will pay about $13 million to cover secured claims of PNC Bank, about $6 million for holders of unsecured claims against the jockey club, and $5 million to the former owners of Laurel Park and Pimlico.