NYRA Considers Relationship with Magna

12 May 2004

NEW YORK – As reported by the New York Times Union: "The New York Racing Association is talking about a possible business relationship with its sometimes adversary, Canadian racing giant Magna Entertainment.

"The talks come as NYRA is dealing with tens of millions of dollars in debts and pursuing what it says is critical legislation to extend its exclusive state franchise to run horse races at the Saratoga, Aqueduct and Belmont thoroughbred tracks.

"…The association owes $72 million to the state Thoroughbred Capital Investment Fund for past track improvements. It also owes horsemen about $14 million it improperly borrowed from their purse accounts, and a $3 million federal fine as part of a deal to avoid trial over its role in a massive parimutuel teller tax fraud conspiracy.

"Other significant bills include its millions of dollars in costs to pay a court-appointed monitor overseeing NYRA's operations, a security consulting firm and outside legal counsel that defended the association in the federal case…"

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	NYRA Considers Relationship with Magna 12 May 2004 NEW YORK – As reported by the New York Times Union: "The New York Racing Association is talking about a possible business relationship with its sometimes adversary, Canadian racing giant Magna Entertainment. "The talks come as NYRA is dealing with tens of millions of dollars in debts and pursuing what it says is critical legislation to extend its exclusive state franchise to run horse races at the Saratoga, Aqueduct and Belmont thoroughbred tracks. "…The association owes $72 million to the state Thoroughbred Capital Investment Fund for past track improvements. It also owes horsemen about $14 million it improperly borrowed from their purse accounts, and a $3 million federal fine as part of a deal to avoid trial over its role in a massive parimutuel teller tax fraud conspiracy. "Other significant bills include its millions of dollars in costs to pay a court-appointed monitor overseeing NYRA's operations, a security consulting firm and outside legal counsel that defended the association in the federal case…"