08/25/2008 11:00PM

NYRA receives seventh extension

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A New York State oversight board has granted the New York Racing Association a seventh temporary extension to its franchise to operate Aqueduct, Belmont, and Saratoga.

The extension, given Tuesday, is now scheduled to expire on Sept. 28. A previous extension, granted in July, was set to expire on Thursday.

NYRA officials declined to comment on the extension on Tuesday afternoon.

NYRA has been seeking to finalize documents related to a legislatively approved franchise deal since earlier this year. The documents, which include a lease agreement and a final deal to transfer NYRA's assets to the state, have been held up by political and financial considerations related to the resignation of Gov. Eliot Spitzer earlier this year and NYRA's bankruptcy.

NYRA officials have said that they hope to appear in bankruptcy court early in September to get final approval for the association's reorganization plan. The approval will hinge on the documents it is negotiating with the state.

NYRA was granted a 30-year franchise extension earlier this year in exchange for giving up the titles of its three racetracks to the state.