Horsemen's Account Funded, NYRA Reports
Updated: Saturday, September 4, 2004 2:14 PM
(from NYRA release)
Posted: Friday, September 3, 2004 6:40 PM
The New York Racing Association announced Sept. 3 that it has fully funded the account maintained for the benefit of its horsemen, who are represented by the New York Thoroughbred Horsemen's Association, using the proceeds from recently completed business transactions.
NYRA was able to reach this benchmark by working in tandem with NYTHA, the federal monitor, and the state racing and wagering board.
"Finding a way to fully fund the horsemen's accounts has been a top priority for NYRA," said C. Steven Duncker, NYRA's acting co-chief operating officer and trustee. "Each party involved – the monitor, the horsemen, and the racing and wagering board – united for the good of the industry to help NYRA make this goal a reality. Each was integral to the success, and each shares equally in the credit."
Although the specific terms of the business transactions that have made the payment to the horsemen's accounts possible are confidential, the process by which the deal came together was a collective effort between NYRA and the horsemen. NYRA also credited its federal monitor.
"Working in close cooperation with the representatives of NYTHA and NYRA's federally appointed monitor, NYRA was able to market its racing product in a new and creative fashion," said Duncker. "With the added support of the racing and wagering board, we were able to position our simulcast signal as a strategic asset and utilize it in ways that provide new benefits to NYRA and NYTHA."
"Today's announcement is a win-win for all parties involved," said Robert Flynn, NYTHA's executive director. "When the various entities in New York's Thoroughbred racing industry pull together to work for the common good, each individual entity emerges stronger as a result."
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