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NYRA Sells Historic Paintings

Wednesday, 19th October 2005

Wednesday Odd Spot: The New York Racing Association is scheduled to sell 15 historic paintings worth up to US$2 million at Sotheby's in December "to help close a critical cash shortfall," reported thoroughbredtimes.com. NYRA president Charles Hayward confirmed the art works were "given as gifts from horse owners to the private association created in 1955". NYRA is also proceeding with the sale of 80 parcels of land near Aqueduct race track & John F. Kennedy Airport "estimated to be worth up to US$20 million" NYRA operates Aqueduct, Belmont & Saratoga race tracks (its franchise is due to expire on 31 December 2007) but "could run out of money by the end of November without raising cash from the paintings & land sale". Despite its monopoly to run thoroughbred racing in New York, NYRA lost US$15 million last year & US$22 million in 2003.

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