New York Legislature Approves NYRA Franchise Deal

Law360, New York (February 14, 2008, 12:00 AM EST) -- The New York State Legislature has approved a 25-year extension of the New York Racing Association’s franchise to operate thoroughbred racing in the state, moving the company one step closer to emerging from Chapter 11.

NYRA announced Wednesday that it had reached an agreement with New York Gov. Eliot Spitzer, Senate Majority Leader Joseph Bruno and Assembly Speaker Sheldon Silver. The announcement comes several weeks after its current franchise agreement expired but a day before the company was planning to shut down its Aqueduct Racetrack....
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