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Bill Calls for NYRA Restructuring

19 March 2004

NEW YORK – As reported by the New York Times Union: "The New York Racing Association would be restructured and required to pay back about $14 million taken from horse owners' accounts under a bill proposed by a key state senator.

"The measure from Senate Racing and Wagering Committee Chairman William J. Larkin Jr., R-New Windsor, would require NYRA to honor the Freedom of Information and open meeting laws.

"...The horse owners have been trying to get about $14 million in deposits for purses and expenses held by NYRA returned. NYRA has acknowledged mixing the horse owners' money with NYRA's bank account and using it for operations.

"…Larkin, who said NYRA's finances are perilous, has introduced a second bill to require NYRA to keep more money out of betting pools. NYRA has advocated reducing take-out to encourage betting…"

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