Tentative Bailout Deal Is Set for NYRA
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
ALBANY — State leaders have a “framework of an agreement” that would give the New York Racing Association a $105 million bailout as part of a 25-year franchise to run New York’s thoroughbred race tracks, the Senate majority leader, Joseph Bruno, said yesterday.
In exchange for the lucrative 25-year franchise, NYRA would drop a claim that it owns the tracks at Aqueduct, Belmont, and Saratoga along with some high-priced property around them.
Mr. Bruno said the tentative agreement is expected to be final by February 13, when a temporary extension of NYRA’s franchise is scheduled to end.
The state operations director, Paul Francis, speaking for Governor Spitzer, wouldn’t confirm the elements Mr. Bruno released as part of the tentative agreement. But Mr. Francis said Bruno’s details are “generally consistent” with the closed-door talks that include NYRA officials.
“I don’t have any problem with what the senator said,” Mr. Francis said. “On the substantive issues, I think we’re essentially in the same place.”
