"Both boards have worked diligently over the last few months on a formula that would optimize the working potential of the combined operation while recognizing and protecting the unique assets that each organization contributes," Avioli said in a statement."The two boards and various committees of those boards have worked tirelessly on behalf of the constituents they represent to finalize the details of this agreement," said Craig Fravel, chairman of the NTRA board of directors. "The NTRA looks forward to continuing to work with the Breeders' Cup to maximize opportunities to grow interest and awareness of Thoroughbred racing."When the joint operating agreement took effect in 2001, the two organizations shared finances, with much of the funds coming from Breeders' Cup. Since last year, there has been a push for more financial accountability on the part of the NTRA; in early July, NTRA and Breeders' Cup announced a 40% cut in personnel and related expenses.
"Breeders' Cup has been and will continue to be our industry's strongest supporter of the NTRA," Breeders' Cup chairman Bill Farish said in the joint release. "We believe that the vast majority of our industry's common goals are best served by the combined enterprise of these two organizations."The NTRA is currently seeking renewals from members. The process has hinged upon NTRA and Breeders' Cup deciding on the future of their joint structure.
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