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The Miami Jai-Alai casino and fronton sought to stop a sales agreement to a New York-based gambling operator in bankruptcy court Wednesday.

Miami Jai-Alai lawyer Luis Salazar argued that the sale price of $115 million would fall short of what the Miami casino owes lenders, but the intended buyer, Silver Entertainment Gaming and Hospitality, said it was ready to close on the deal.

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Historic sporting venue and casino Miami Jai-Alai received bankruptcy-court approval to take its assets to auction on March 25 with a $115 million cash offer plus some liabilities from Silvermark. Casino Miami Jai-alai is located at 3500 N.W. 37th Avenue, in Miami, Florida about 10 minutes from the Miami International Airport. The facility had been closed for some time but re-opened in January, 2012 after a nearly $90 million remodeling, with a 40,000 square foot casino floor featuring over 1,000 slots, a 24 table poker room, electronic blackjack and roulette tables, and the only place.

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“It is a contract we worked long and hard for,” Silver lawyer Thomas Kreller, of the Milbank firm’s Los Angeles office, told the Miami Herald.

Miami Jai-Alai lawyers say they’re pursuing a reorganization since the casino is profitable and could afford to continue making debt payments, the Herald reported.

Miami Mayor Vetoes Settlement That Allows Jai Alai, Cardroom ...

While Miami Jai-Alai initially agreed to Silver’s $115 million offer, a subsequent appraisal put the value at $180 million.

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Including an $8 million penalty for rival Hialeah Park opening a casino, Miami Jai-Alai owes lender ABC Funding $122 million, according to Florida Gaming securities filings. [Miami Herald] — Emily Schmall