New Threat to NJ Horse Racing
Thoroughbred horses may have run their last race in New Jersey.
Gov. Chris Christie has given the state's thoroughbred horse owners a week to come up with a new deal to save the industry after a private investor pulled out of an agreement to lease Monmouth Park racetrack.
Investor Morris Bailey has pulled out of a five-year lease deal for the Oceanport track.
Christie blamed the owners Monday for the deal's collapse.
He said the owners' group demanded $5 million in additional purse subsidies after a handshake deal was made to save the industry by privatizing it.
Christie decided to end state subsidies to racing more than a year ago.
A deal with investor Jeff Gural to lease the Meadowlands track for standardbred racing appears on track.
(Copyright 2011 by The Associated Press. All Rights Reserved.)