NYRA Expected To Emerge From Bankruptcy, Be Incorporated By State
NYRA is "expected to emerge from bankruptcy on Friday," and the New York Racing & Wagering Board is "expected to approve a new certificate of incorporation" for the organization during a meeting at the board's HQs, according to Paul Post of the THOROUGHBRED TIMES. NYRA filed for Chapter 11 protection on November 2, 2006, "which turned out to be a critical maneuver in its effort to retain New York's racing franchise." NYRA's "last permanent contract expired December 31, 2007," and since then, it "has been operating with a series of temporary extensions." The seventh and last extension is scheduled to expire September 28. However, the "permanent, new franchise should already be in place by then." The new franchise "calls for the state to assume ownership of the tracks," and by doing so, "the state -- not NYRA -- will be liable for a series of upcoming property tax payments totaling several million dollars for Belmont, Aqueduct, and Saratoga." The state also will "forgive more than $130[M] in old loans and interest payments" (THOROUGHBREDTIMES.com, 9/11). In Albany, James Odato notes NYRA "has controlled the vaunted thoroughbred properties since 1955." The state "intends to give [NYRA] $105[M] -- $30[M] for working capital and $75[M] for creditors." The money will "come from bonds issued by the state's Urban Development Corp." NYRA "will have to shrink its board size modestly and add a few more government appointees." The new configuration will include 11 appointees of the governor and Legislature and 14 privately appointed by NYRA. Besides naming a new NYRA board, the state "will also identify its NYRA oversight panel" (Albany TIMES UNION, 9/12).
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