01/05/2006 1:00AM

Melnyk leaves NYRA board


Eugene Melnyk, the horse owner and chairman of the Biovail Corp. pharmaceutical company, has resigned his position on the New York Racing Association's board of trustees, NYRA officials said Thursday.

Melnyk, a native of Canada who resides in Barbados, cited demands on his time for resigning, according to Bill Nader, senior vice president of NYRA. Melnyk also owns a National Hockey League franchise, the Ottawa Senators.

Melnyk did not return a phone call on Thursday.

Melnyk, who has an estimated net worth exceeding $1 billion, founded the Toronto-based Biovail, which is publicly traded on the Canadian stock exchange.

On Thursday, the National Thoroughbred Racing Association announced that Melnyk was one of three finalists in the owners category of the Eclipse Awards. A horse he owns, Flower Alley, is a finalist in the 3-year-old male division.