The New York Racing Association announced Friday that it has emerged from Chapter 11 bankruptcy and is ready to begin its new 25-year stint at the helm of the franchise to operate Aqueduct, Belmont Park and Saratoga Race Course. NYRA, which has run racing in the state since 1955, filed for bankruptcy in November of 2006. The organization was awarded the franchise extension this February, but had to put its financial affairs in order before offically taking over. Papers were filed with the Secretary of the State of New York at noon Friday, creating the new NYRA that will operate the three tracks going forward. The legislation awarding the franchise to NYRA also called for a new Board of Trustees, consisting of 14 members appointed by NYRA and 11 by the State. NYRA will announce its appointees early next week.
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