Breeding & Racing Magazine

NYRA Franchise Deal Approved

In the US, the New York Racing Association "will run racing for the next 25 years" under legislation approved overnight that "provides hundreds of millions of dollars in direct aid & loan forgiveness to NYRA & new oversight abilities by the state.," reported bloodhorse.com. Senate majority leader Joseph Bruno said the legislation "creates a new NYRA": it extends NYRA's franchise until 31 December 2033 & includes a "US$105 million bail-out by the state of NYRA to help it emerge from its Chapter 11 bankruptcy protection & NYRA ending its ownership land claims for its 3 tracks" (Aqueduct, Belmont Park & Saratoga). The legislation also creates a 25-member board (down from the current 28): NYRA "gets to select 14 members (giving it control), while the state picks 11 members".