Updated on 09/16/2011 9:53AM

Schwartz cuts ties to old company


NEW YORK - Barry Schwartz, the chairman of the New York Racing Association, will no longer be involved with Calvin Klein, the fashion company he co-founded, after the company is sold to the shirt-maker Phillips-Van Heusen, Schwartz said Wednesday.

Schwartz founded Calvin Klein 35 years ago with Klein, a childhood friend who is the company's chief designer. On Tuesday, the company announced that Phillips-Van Heusen would purchase Calvin Klein for $400 million in cash plus a share of perhaps $300 million in royalties over the next 15 years.

Schwartz, 60, said he and Klein had been looking for a buyer for several years. Klein will remain involved with Phillips-Van Heusen, and Schwartz said he would "consult with them for whatever period of time they need me."

Schwartz, a Thoroughbred owner and breeder, was appointed the chairman of NYRA in 2000, succeeding Kenny Noe. Since becoming chairman, he has typically spent half of the week at his office at Calvin Klein in Manhattan and the other half at the racetrack, he said.

"It's been a hectic time for me, with all the things going on at both companies," Schwartz said. "I've reached that point where it's time for me to move on."