Tue Feb 12 15:22:05 2008

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Report: NYRA tracks to remain open

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Albany, NY (Sports Network) - Bloodhorse.com is reporting that the New York Racing Association (NYRA) will continue to operate its three racetracks under a pact hammered out Tuesday, February 12. There was no immediate response from either the NYRA or New York State officials.

NYRA's franchise to operate Saratoga, Belmont Park and Aqueduct expired at the end of 2007, but two extensions were granted to extend operations to Wednesday, February 13.

Over the last few weeks negotiations to implement a long-term agreement appeared to have bogged down. NYRA officials had plans to close Aqueduct after racing on Wednesday and lay off most emplyees.

Last September New York Governor Eliot Spitzer announced that he was backing the effort of the NYRA to retain operation of Belmont Park, Saratoga Race Course and Aqueduct. The NYRA has operated the tracks since 1955.

The report says that NYRA will have an exclusive franchise to conduct racing. The issue over control of the NYRA board has apparently been agreed upon.

NYRA will be able to come out from Chapter 11 bankruptcy with a $105 million bailout from the state. The association will give up its ownership land claims for its three tracks.

Further negotiations are needed to resolve other issues, especially over a casino at Aqueduct.