NYRA awarded 25-year racing franchise

The New York Racing Association (NYRA) has been awarded a 25-year franchise

to operate Thoroughbred racing at Aqueduct Racetrack, Belmont Park and Saratoga

Race Course under legislation approved Wednesday. The legislation, which was

hammered out by Governor Eliot Spitzer, Senate Majority Leader Joseph Bruno and

Assembly Speaker Sheldon Silver, was approved 92 to 40 in the Assembly and 39 to

17 in the Senate.

The legislation will help NYRA emerge from bankruptcy while conveying

ownership of the three racetracks to New York State. In addition, it will allow

the installation of a Video Lottery Terminal facility at Aqueduct.

"This plan really came together in the last two days through the diligent

efforts of state government: in particular, Speaker Silver and his staff were

tireless in their efforts to make this significant piece of legislation a

reality. We especially appreciate the tremendous work of the Governor and his

staff as well as the Senate Majority leader and his staff," NYRA Chairman C.

Steven Duncker said in a statement. "This legislation contains the key

components for us to emerge from bankruptcy and to improve upon what is already

the best racing in the world."

NYRA will seek Bankruptcy Court approval of the Settlement Agreement with the

State, and confirmation of NYRA's Chapter 11 plan. Confirmation of the Chapter

11 plan currently is scheduled for March 5. NYRA has accepted a short-term

franchise extension through March 6, which will allow NYRA to achieve the

Settlement Agreement with the State and confirm the bankruptcy plan.

"This a great day for Thoroughbred racing in New York and for all the people

involved with the state's vital Thoroughbred industry," NYRA President and CEO

Charles Hayward said. "I especially want to thank and acknowledge all the NYRA

employees who worked so hard to put on the best racing in the country, despite

the uncertainties and distractions of this process. We all deeply appreciate the

efforts of our franchise working group, made up of NYRA trustees and senior

management, who worked tirelessly and with tremendous commitment to secure this

positive outcome."