The bankruptcy of the Magna Entertainment Corp. — owner of some of America’s most famous racetracks — was not another case of a company ruined by executive greed. On the contrary.

Magna’s all-powerful chairman, Frank Stronach, loves horses and racing. He has invested countless millions of his own dollars in his personal breeding and racing operation, and his passion for the game led him to buy racetracks from Gulfstream Park to Santa Anita. Yet the man who loves racing has plunged the sport into a crisis.

After Magna filed for Chapter 11 bankruptcy protection on Thursday, some of the most famous entities in the sport will be put up for sale. Suddenly, it is possible to envision racing without the Preakness at Pimlico, without Gulfstream Park or Santa Anita.

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