by Carol Hodes, for the SBOA of New Jersey

Manalapan, NJ — There was a collective sigh of relief in New Jersey’s horse racing industry on Tuesday night.

After a marathon session, Jeff Gural and the Standardbred Breeders & Owners Association of New Jersey reached an agreement with the state to take over the management of Meadowlands Racetrack.

The transition from the New Jersey Sports & Exposition Authority to Gural’s team will take place this summer toward a full takeover on September 1, 2011, 35 years to the day that the Meadowlands first opened.

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 Governor Chris Christie.

“The whole end game was to stay in the game,” said SBOANJ President Tom Luchento. “We knew it was essential to remain operational for any hope of a future for the harness racing and breeding industry’s flagship racetrack.

“When you are in a precarious position, it always makes negotiations challenging, and we did not get everything we wanted,” Luchento conceded. “But the need to keep racing alive at the Meadowlands was and is our overriding imperative. And that was accomplished.

“We did retain control over the number of live racing dates which largely will be dictated by the climate in the industry,” Luchento noted. “The range of dates is at a base of no less than 75 and up to as many as 141.

“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,” he added. “By being partners in these facilities, we can further assure funding for our purses.

“In the end, I am satisfied that we accomplished our goals,” Luchento said. “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.

“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.”