It took 20 months, but the sale of half of United Tote to NYRA Content Management Solutions, a subsidiary of the New York Racing Association, has closed. Churchill Downs, majority owner of United Tote, announced the news late yesterday.
Under the terms of the agreement, the NYRA gains 49 percent of United Tote, with Churchill Downs controlling the remainder. The parimutuel-settlements division of United Tote remains with Churchill Downs, with the NYRA having no participation in it. United Tote will take over parimutuel processing from Churchill Downs.
When the deal was announced in August 2022, it was expected by Churchill Downs and the NYRA that the transaction would close by that year’s end. However, the process took an additional 15 months to conclude.
The agreement represents the alliance of two horse-racing giants, with Churchill Downs owning the eponymous track in Louisville and Turfway Park, both in Kentucky. The NYRA runs Aqueduct Racetrack in Queens, Belmont Park in Belmont, and Saratoga Race Course in Saratoga Springs.
No Churchill Downs executives or NYRA ones commented on the closing.
