New York officials have agreed to keep intact the state's oversight of the New York Racing Association, a control period that was to expire this October.
Just weeks before the Cuomo administration takes over the New York Racing Association, state officials are moving to sell what they say are two underused parcels of land at Belmont Park.
The New York Racing Association, which has had to delay its emergence from Chapter 11 bankruptcy protection, was given another extension by the state to continue racing at its tracks.
Racing will continue to be run at Aqueduct on New Year's Day under an agreement reached Dec. 31, but government negotiators failed to resolve the permanent Thoroughbred franchise issue in New York.
With talks going down to the wire, the New York Racing Association has reached an agreement with a state government oversight panel to at least continue running racing on a brief, temporary basis.
A state government panel in charge of overseeing the New York Racing Association's finances--and the racing franchise as of Jan. 1, 2008--has a new chairman at a critical moment in the franchise negotiations.
A state government panel Dec. 17 approved letting the New York Racing Association continue running racing on a temporary basis until officials can agree on a new franchise-holder for Aqueduct, Belmont Park, and Saratoga.
The New York Racing Association, struggling under federal bankruptcy protection, is awarding its non-union employees raises and pension increases, officials said May 31.
The New York Racing Association is facing the same financial crisis as it did a year ago unless the state opens its wallet with cash advances that have already been approved by the state legislature.
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