There was a collective sigh of relief in New Jersey’s horse racing industry last week.
Jeff Gural and the Standardbred Breeders and Owners Association of New Jersey (SBOANJ) reached an agreement with the state on June 21 to take over the management of the Meadowlands Racetrack, according to a press release from the SBOANJ.
The transition of racetrack management from the New Jersey Sports and Exposition Authority to Gural’s team will take place this summer and should be completed by Sept. 1, which is 35 years to the day that the Meadowlands opened, according to the SBOANJ.
The agreement was the culmination of six months of intensive negotiations since Gural joined the SBOANJ in the process to privatize the Meadowlands, which was hours away from being shuttered by Gov. Chris Christie.
“The whole end game was to stay in the game,” SBOANJ President Tom Luchento said in the press release. “We knew it was essential to remain operational for any hope of a future for the harness racing and breeding industry’s flagship racetrack.
He continued, “When you are in a precarious position, it always makes negotiations challenging, and we did not get everything we wanted. But the need to keep racing alive at the Meadowlands was and is our overriding imperative. And that was accomplished.”
The SBOANJ did retain control over the number of live racing dates at the venue, which will be dictated by the climate in the industry, Luchento said. There will be no fewer than 75 and up to as many as 141 dates, Luchento said.
“We will go forward with fundraising to support our legislative goals, including alternate gaming, as well as building a bankroll for the construction of off-track wagering sites in which we will have a financial stake,” Luchento added. “By being partners in these facilities, we can further assure funding for our purses.”
Luchento said he is satisfied that the horse racing industry accomplished its goals.
“Our fate was intertwined with the thoroughbreds, and Morris Bailey, who will manage Monmouth Park, was a formidable negotiator and willing to walk away from the deal,” he said. “Ultimately, we are grateful to both Jeff Gural and Morris Bailey for stepping up and providing their business expertise and financial backing to make this possible.”