The New York Racing Association and TVG have joined forces to pursue the possible acquisition of the New York City Off-Track Betting Corporation.
According to a statement released Friday, the two organizations jointly submitted an “Expression of Interest” for the acquisition of NYCOTB to the New York City Economic Development. The EDC is considering the possibility of selling NYCOTB or awarding a contract for the public benefit corporation to a private party which will manage it for the City of New York.
"The opportunity to acquire NYCOTB, the largest source of wagering on New York racing, is very important to NYRA from a strategic standpoint," said Terry Meyocks, NYRA's president and COO. "We believe that the joint bid in concert with TVG represents the most comprehensive and realistic proposal for the privatization and successful operation of NYCOTB at the present time. The partnership would combine NYRA's considerable management expertise and knowledge of the marketplace with TVG's professional programming, interactive technologies, marketing abilities and resources."
Under the terms of a preliminary proposal, NYRA would assume the operation and management of NYCOTB's physical wagering outlets while TVG would assume the management and operation of its existing telephone account wagering assets, the announcement said.
"NYRA and TVG share a common vision for the future of horseracing in New York," said Mark Wilson, president and CEO of TVG. "Both organizations are committed to improving the quality, convenience, prosperity and popularity of the sport through broadly distributed, quality television exposure, superior customer service, more marketing exposure and advanced interactive technologies to make racing convenient and accessible. In light of the fact that we share those common goals and that each organization brings unique management capabilities to the table, we believe at this time that the joint proposal represents an excellent opportunity for the City of New York as well as the state, horsemen and breeders."
A private, non-profit corporation NYRA owns and operates Aqueduct, Belmont Park, and Saratoga Race Course. TVG programming includes Thoroughbred, Standardbred, and Quarter Horse racing from America's premier racetracks. Based in Los Angeles, the network is available to approximately 5.3 million cable and satellite television subscribers via basic programming packages on EchoStar's Dish Network, the Superstar/Netlink/ Turnervision group, and other c-band satellite services and cable systems in Kentucky.