The state of New York has wired the New York Racing Association $8 million to help ease its immediate fiscal troubles, a funding stream that surprised NYRA officials who earlier in the day had been in court on their first hearing after filing for Chapter 11 bankruptcy protection.
With New York Racing Association officials threatening to seek bankruptcy protection, state officials are rushing to complete a deal by Oct. 30 to get government bailout money flowing to the financially ailing NYRA.
The state panel considering bids for a new Thoroughbred franchise in New York has eliminated one of the potential suitors.
A New York state panel approved a deal Tuesday to have the state's obligations owed by the New York Racing Association take a back seat to the $170 million MGM Mirage will be lending to NYRA to build its video lottery terminal casino at Aqueduct racetrack.
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