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Concerns about the possible sale of Rosecroft Raceway loom over the track owner's bankruptcy proceedings, as negotiations face challenges from both the Maryland Racing Commission and the bankruptcy trustee.

The Fort Washington harness track's owner, Cloverleaf Enterprises, was set to close this month on a $10.5 million sale to Mark R. Vogel, who owned the track in the 1980s. Instead, the case is to go to another hearing on March 10.

Cloverleaf filed for Chapter 11 bankruptcy protection in June amid financial disputes with Maryland horsemen and horse breeders and a simulcast license issue with the state commission.

But the commission, whose approval of a sale is needed, and the bankruptcy trustee have raised objections, citing a lack of financial information from Vogel and the trustee's concern with the law firm that negotiated the sale.

"Our very mild objection is just a reminder that we still need to approve the sale," said J. Michael Hopkins, executive director of the commission, emphasizing that the commission is accustomed to working through Cloverleaf, not an individual. He said the back-and-forth between the commission and Vogel has been very procedural. Vogel, owner of Lanham developer Mark Vogel Cos., applied to purchase the track in August.

Hopkins said the commission needs time to review Vogel's complete financial information before deciding on the deal.

Meanwhile, W. Clarkson McDow Jr., the bankruptcy trustee, wrote last month that the law firm of Meyers, Rodbell and Rosenbaum in Riverdale, which is negotiating the sale, failed to disclose that it also represents the nonprofit Cloverleaf Standardbred Owners' Association, which is Cloverleaf Enterprises' sole shareholder and also a creditor. The trustee's objection states that the sale would result in $100,000 going directly to Cloverleaf Enterprises to pay off debts, while the rest would go to the association, leaving other unsecured creditors with nothing and little recourse should Vogel breach the contract.

McDow also raised questions about Vogel's creditworthiness.

The commission has sought information about Vogel's financing since he created Rosecroft Future in September to handle the Rosecroft purchase, instead of Mark Vogel Cos.

Although Vogel provided the commission with his personal history, two-year business plan and an agreement to negotiate the contract, his statement of financial condition was originally omitted. In its place was the statement: "Mark Vogel has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the statement of financial condition, they might influence the user's conclusions about the financial condition of Mark Vogel."

Vogel has said, through court documents, that he will personally pay for Rosecroft's purchase, forgoing Cloverleaf's previous financial arrangement with PNC Bank. He later submitted a letter of intent regarding a loan with an entity called Springfield Financial Cos. Rosecroft for a first mortgage on the property, along with financial projections but still has not addressed all the commission's questions.

Vogel did not immediately return a phone call seeking a comment.

McDow also chastised Cloverleaf for making no attempts to market Rosecroft to other buyers since May.

Vogel has said he plans to pursue a casino marketing license to help market the track and bring more jobs to the area. That, however, would take voter approval in a statewide referendum, similar to the November 2008 vote approving slots in certain locations. Vogel has also expressed interest in building a restaurant at the track, but the plans submitted to the commission included no capital enhancements.