NJ Signs Lease to Save Meadowlands Track

New Jersey Sports & Exposition Authority has approved a deal that ensures harness racing will continue at the Meadowlands Racetrack.

The deal approved Friday gives Jeffrey Gural a 31-year lease to run the track. He also owns Tioga Downs and Vernon Downs in upstate New York and two horse farms.

Gov. Chris Christie announced the agreement between Gural and the state on Tuesday, along with an agreement to have the Thoroughbred Horseman's Association run a full schedule of races at Monmouth Park in 2012 without subsidies to racing purses.

Christie wants to end public subsidies of New Jersey's horse racing industry. The state's still seeking a private operator for Monmouth Park.

The Meadowlands is projected to lose $11 million this year, while Monmouth Park is projected to lose $6.6 million.