The consolidation of Breeders' Cup Ltd. and the National Thoroughbred Racing Association moved a step closer to reality Friday when the Breeders' Cup board of directors approved a draft of the proposal during a special meeting.
The NTRA board of directors is expected to look at the draft during a meeting in Washington, D.C., Tuesday, and if approved, it will go to a final draft. Breeders' Cup and the NTRA remain on schedule for a Jan. 1, 2001 consolidation, Breeders' Cup president D.G. Van Clief Jr. said.
"We reviewed the final draft of the deal points, and it was approved as submitted," Van Clief said.
As expected, Breeders' Cup would license the NTRA to carry out some Breeders' Cup programs, staffs would be combined, and the NTRA would receive additional capital from Breeders' Cup. Van Clief said he wouldn't elaborate on the financial aspects of the plan until after the NTRA board meeting.
In May, representatives from both organizations said the NTRA probably would get less than $10 million in total financial assistance.
Van Clief said the deal could close by the end of September. Both organizations have offices in Lexington; office space could be reconfigured, or they could end up looking for new office space.