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Friday, December 17, 2010

Details of the Agreement:Updated

Jeff Gural talked to The Horseman and Fair World and went over the specifics of the Meadowlands plan negotiated with Governor Christie:

Jeff Gural has an exclusiive right to negotiate a lease for the Meadowlands.  The NJSEA will work with him on doing due dilligence.  The good thing of being able to due dilligence would be being able to see if any other expenses are being charged to horse racing.

It appears other groups would be joining in as a consortium with Jeff Gural being the lead partner.

The NJSEA will have a winter meet from January 7 through March 31.  If no lease is concluded by then, the Meadowlands will be shut down, no if and or buts.

A lease will be similar to the lease of the New Meadowlands Stadium.  The NJSEA will own the land but Jeff Gural and his syndicate would own the racetrack.

As part of the deal, if a lease is concluded, his group will be allowed to open four OTWs but has no claim on the Woodbridge OTW, having to pay the state 10% of net earnngs.

Anticipation is it would cost $40 to $50 million to build a new grandstand in the backstretch at which time the old one will be razed. 

The Tioga Downs model of a short racing meet would be used.  A winter meet and a Summer Championship meet (lengths of these meets are unknown).  My guess is the summer meet would be shorter than the most recent Championship Meets held.

The roughly $1.2 million earned in simulcast dollars during the winter meet would be held in escrow; to be reiumbursed to the state to help cover any loses they have during the winter meet.

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