The New York Racing Association today said it has emerged from Chapter 11 bankruptcy and has filed incorporation papers to create the new New York Racing Association. In February, the state Legislature after years of indecision selected NYRA to continue to run thoroughbred racing for 25 years at Saratoga Race Course, Belmont Park and Aqueduct Racetrack.
“Today’s birth of the newly constituted, not-for-profit NYRA is the culmination of complex negotiations that will secure and enhance the interests of thoroughbred racing in New York for the next 25 years,” said NYRA Chairman C. Steven Duncker.
NYRA filed for bankruptcy on Nov. 2, 2006. The new NYRA Board of Trustees has 14 members appointed by NYRA and 11 State-appointed members. The board’s composition will be announced next week.
