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NYRA Into Chapter 11 Bankruptcy

Monday, 6th November 2006

Meanwhile the New York Racing Association (operator of Aqueduct, Belmont Park & Saratoga tracks) announced it has filed for Chapter 11 bankruptcy, reported thoroughbredtimes.com. NYRA chief executive Charles Hayward commented: "We always viewed filing for Chapter 11 bankruptcy protection as a last option & regrettably NYRA's Board of Trustees felt we were required to take this action to protect New York's thoroughbred racing. The goal of the filing is to maintain the current schedule of racing dates, purse structure, stakes program & all other racing operations." Hayward noted the filing does not indicate NYRA is going out of business, rather the action is a means of staying in business: "In fact, it is a constructive process that allows NYRA the opportunity to achieve financial reorganisation, while continuing to conduct world-class thoroughbred racing without interruption." NYRA's contract to run Aqueduct, Belmont & Saratoga runs through to 31 December 2007.

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