By Howard Koplowitz
The New York Racing Association has emerged from Chapter 11 bankruptcy protection after using $75 million in state funding to fulfill its credit obligations.
The nonprofit filed articles of incorporation with the state after getting out of bankruptcy earlier this month to create what is known as the new NYRA.
NYRA spokesman John Lee could not be reached on the details of NYRA's plan.
NYRA Chairman C. Steven Duncker said the nonprofit “will secure and enhance the interests of thoroughbred racing in New York for the next 25 years.”
NYRA retained control of its lease of the state's racetracks — including Aqueduct in Ozone Park and Belmont in Elmont, L.I., on the Queens-Nassau border — last year for another 25 years. It has run horse racing at the tracks since 1955.
