A $25-million loan proposal could keep the New York Racing Association operating through the spring of 2011.
NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.
After the start of Calder Race Course's opening-day card of nine races April 21, the Florida Horsemen's Benevolent and Protective Association agreed to permit the racetrack to send its signal to New York's off-track betting companies. Six OTB outlets in that state received the signal for the last three races.
Negotiators trying to reach a deal on a new Thoroughbred franchise in New York are still at an impasse, and now the talks have turned to approving another extension to permit the New York Racing Association to temporarily continue running racing.
New York's largest off-track betting corporation wants to be able to merge with the next holder of the state's Thoroughbred franchise to help end the "perpetual cycle of conflict'' between tracks and OTBs.
The bidding process for the three-track franchise held by the New York Racing Association would be sharply accelerated and NYRA would come under new oversight by the state government under measures being pushed by Gov. George Pataki.
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