09/02/2004 11:00PM

NYRA fills horsemen's fund

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The New York Racing Association announced Friday that it has fully funded its horsemen's account, solving what one NYRA official called "the most important problem we had."

Last November, it was revealed that NYRA management had delved into the horsemen's account to the tune of $13.5 million to help pay operating costs. At the time, trainers asked for a separate horseman's account to be created.

Stephen Duncker, the NYRA's acting co-chief operating officer, said that NYRA was able was able to fund the horsemen's account fully using the proceeds from "recently completed business transactions." The specific terms of those transactions were confidential, but involved the restructuring of simulcast deals with tracks and simulcast parlors throughout the country as well as Television Games Network.

"We were able to position our simulcast signal as a strategic asset and utilize it in ways that provide new benefits" to NYRA and New York horsemen, Duncker said.

Duncker said this deal was completed with the cooperation of the New York Thoroughbred Horsemen's Association, a federal government appointed monitor - Getnick & Getnick - and the New York State Racing and Wagering Board.

"I think this is probably the best news that can come out of NYRA," Duncker said. "This is the most important problem we had to solve and as of today we solved it."