Future of New York racing secured in 25-year deal
AFTER months of wrangling and temporary licence extentions, the future of racing in New York, the premier circuit in the States, looks to have been finally secured.
The New York Racing Association (NYRA) has been granted a 25-year franchise agreement to operate Belmont Park, Saratoga and Aqueduct.
The NYRA has also emergedfrom Chapter 11 bankruptcy and through its agreement with the state has been absolved of all its debt.
NYRA chairman Steven Dunker said: "Today's birth of the newly constituted, not-for-profit NYRA is the culmination of complex negotiations that will secure and enhance the intrests of thoroughbred racing in New York for the next 25 years.
"We all share in NYRA's success and reaffirm our committment to our stakeholders and fans to produce the highest quality thoroughbred racing in North America."
NYRA has operated the New York tracks since 1955. As part of the agreement that produced the extension, ownership of the land on which the three tracks sit has been turned overto the state.
A 25-member board, comprising of 14 NYRA appointees and 11 state appointees will oversee the operation.