NYRA keeps franchise to run state's horse racing
14 Feb 2008
NEW YORK -- As reported by Business First: "Under a bill passed this week, the New York Racing Association Inc. will get a new franchise to run the state's horse racing and money to help it emerge from Chapter 11 bankruptcy protection, according to The Albany Business Review, a sister publication to Business First.
"The bill gives NYRA 25 more years of control over horse racing at Saratoga Race Course, Belmont Park and Aqueduct. In return, the state gets ownership of the land at those tracks.
"The bill also allots $105 million in state money for the NYRA to pay off its creditors. The organization has been operating under Chapter 11 since November 2006..."