The New York Racing Association (NYRA) today announced that it has reached an agreement with Governor Eliot Spitzer, Senate Majority Leader Joseph Bruno, and Assembly Speaker Sheldon Silver, awarding it a 25-year franchise to operate Thoroughbred racing at Aqueduct Racetrack, Belmont Park, and Saratoga Race Course, and allowing the installation of a Video Lottery Terminal (VLT) facility at Aqueduct.

Today’s passage of legislation awarding the franchise to NYRA is a vital step towards completing a process that will allow NYRA to emerge from bankruptcy while conveying ownership of the three racetracks to New York State.

“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,” said NYRA Chairman C. Steven Duncker. “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 Wednesday, March 5. NYRA has accepted a short-term franchise extension through March 6, 2008, 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,” said NYRA President and CEO Charles Hayward. “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.”