It is the foray into Oregon for the Ontario, Canada-based firm,which holds an option to purchase property near the City ofWilsonville for development of a new racetrack. Magna owns severalof the country's most popular horse tracks, including Santa AnitaPark in Southern California and Gulfstream Park in SouthernFlorida.

Moyer, developer and owner of the new Fox Tower office buildingin the heart of downtown and a former movie theater magnate, hasbeen a minority owner of the 126-acre Portland Meadows property forsome time and is seeking a majority ownership and control over itsfuture use. Moyer bought the option for an undisclosed price fromVancouver businessman Eugene Ferryman.

MEC will enter into a lease with Mr. McFadden for the underlyingreal estate. Moyer, meanwhile, is planning on keeping PortlandMeadows around only for a couple of more years, after which heplans to redevelop the site.