Franchise Promises Bankruptcy Exit For NYRA

Law360, New York (February 12, 2008, 12:00 AM EST) -- The New York Racing Association may exit bankruptcy while continuing to operate three racetracks in New York state for another 25 years under a deal it has reportedly worked out with the state government.

Under the deal, NYRA would receive $105 million from the state to exit bankruptcy, but forfeit its claim to own the Aqueduct, Belmont and Saratoga racetracks, which it would still run, the Associated Press reported Tuesday. The AP attributed information about the deal to two anonymous New York state officials.

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