It was announced late last week that live Thoroughbred racing at Suffolk Downs in Massachusetts may not be over, contrary to what was previously believed.

According to a report by CBS Boston, Suffolk Downs and the Horsemen’s Benevolent and Protective Association issued a joint statement on Friday (February 27) which stated that the two parties have agreed on a licensing deal for the 2015 and 2016 racing seasons.

The article goes on to state that the agreement is subject to approval from the Massachusetts Gaming Commission and passage of legislation that calls for funding in order for racing and simulcasting to continue in the state.

The report also states that proposed 2015 race dates at the track have yet to be decided upon, but that the season could feature 50 live dates.

Suffolk Downs, which once played host to live Standardbred racing, ran its last card of live racing this past fall after aspirations for casino expansion at the track failed.

(With files from CBS Boston)