New York Racing Association Might Lose Franchise Held Since 1955

There are 15 parties interested in ending the New York Racing Association's 50-year suspension on thoroughbred racing in New York. Among these parties are Churchill Downs, George Steinbrenner's son-in-law, Capital Play Pty Limited of Australia and a Las Vegas gaming giant.

The state's Ad Hoc Committee on the Future of Racing is expected to make their recommendation to Governor George Pataki and the Legislature by September 15th. However, committee spokesman Scott Reif told the media that no decision is likely to be made official until 2007.

Meanwhile, the New York Racing Association, which has had the franchise since 1955, has also officially declared that it wants to renew the deal when it expires Dec. 31, 2007.

NYRA had earlier complained that it gets to keep too little of the money bet on races under the existing deal. It has lost over $15 million in 2004 and $22 million in 2003.

Albany has shelled out a $30 million bailout to help keep NYRA afloat into 2007.

The said individuals and groups have already filed "expressions of interest" with the state.

Excelsior's Stephen Swindal, a general partner with the Yankees and George Steinbrenner's son-in-law, has told reporters: "My family cares a great deal about racing and a great deal about New York, and we are committed to restoring New York racing to greatness."