TRENTON
– Attorney General Peter C. Harvey
and New Jersey Racing Commission Executive
Director Frank Zanzuccki today announced
that the Racing
Commission has reached a legal settlement
with the New Jersey Thoroughbred Horseman’s
Association that avoids protracted litigation,
and paves the way for the 2007 Breeders’
Cup championship races to be held at Monmouth
Park.
“This
is an important day for horse racing in
New Jersey,” said Zanzuccki. “This
settlement agreement not only helps to
ensure the integrity of the sport, it
clears the way for the Breeders’
Cup races to be held in our state. The
goal of the Racing Commission in filing
its original lawsuit against the THA was
to ensure that funds earmarked for programs
intended to benefit the horsemen and backstretch
personnel were in fact used for those
purposes. This settlement allows us to
achieve that goal.”
Under terms of the settlement agreement,
funds subject to the Racing Commission's
regulatory jurisdiction will be returned
to the control of the Racing Commission.
Those funds include 2.9 percent of all
purses, including those supplemented by
the New Jersey Sports and Exposition Authority,
and the money in the Thoroughbred Horseman's
Bookkeeper Interest account.
In addition, by-law changes will formalize
conflict-of-interest and anti-nepotism
provisions for officers and board members
of the THA. Also, said Zanzuccki, the
THA will be subject to an orderly budget
process going forward, and its budgets
must adhere to the regulatory requirement
that 70 percent of the funds subject to
the Racing Commission's oversight will
be used for programs to benefit the horsemen.
Other provisions of the settlement include
that the Thoroughbred Horsemen's Bookkeeper
interest account will be replenished by
the THA in the amount of $150,000.
The THA has also agreed to elect a new
governing Board, and has committed to
having a majority of that Board consist
of new members.
The settlement agreement was approved
today by New Jersey Superior Court Judge
Alexander D. Lehrer, sitting in Monmouth
County.
Racing Commission Chairman John J. Tucker
thanked Acting Governor Richard Codey
for his assistance in helping to resolve
lingering differences between the two
sides in the legal dispute. He credited
the Acting Governor with playing a key
role in resolving a situation that, left
unresolved, could have resulted in the
Breeder’s Cup races being held in
another state.
The Breeders’ Cup consists of eight
thoroughbred races in one afternoon. The
combined $14 million purse attracts top
horses and jockeys, and the Breeders’
Cup Classic – the final race of
the day – is the richest horse race
in the United States. Prior to the settlement
agreement, Breeders’ Cup officials
had expressed concern about bringing the
championships to New Jersey in a climate
of legal disagreement between the Racing
Commission and the THA.
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