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New York Franchise 1: Bankruptcy Court Approves US$32m Loan
A US bankruptcy court "has approved a multi-million bail-out to fund the New York Racing Association through 2007," reported thoroughbredtimes.com. NYRA president Charles Hayward confirmed the court approved a proposal for the "state to provide NYRA up to US$32 million in 2007" bringing "the state's total loan commitment to US$40 million & assures racing through to December 31". NYRA's racing franchise (for Belmont Park, Saratoga & Aqueduct) expires on that day & the organisation "is one of several entities competing for the new franchise agreement".