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Bailey's Attorney: "We're Totally Out"

Published: December 12, 2011 10:40 am ET

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The landscape continues to change in regard to the future of Monmouth Park --- and, therefore, that of the Meadowlands Racetrack --- due to the lack of deal to transfer control of Monmouth from the New Jersey Sports & Exposition Authority to real-estate executive Morris Bailey.

The latest update on the situation --- which has come courtesy of a report by Bob Jordan on mycentraljersy.com --- has stated that Bailey has withdrawn a $5-million letter of credit he had posted for the takeover process, and that he “is not partnering with the horsemen’’ in regard to a new deal to take over the thoroughbred raceway, according to Bailey's attorney, Ronald Riccio. The initial deal hit a snag due to a race-date issue between the state government and thoroughbred horsemen's group.

“We’re totally out,’’ Riccio was quoted as saying in the report. “There are no plans of getting back in.’’ The article explains that, this past September, Bailey had rescinded his memorandum of understanding for a five-year lease of Monmouth, but eventually got back on board.

December 20 is the deadline to certify the transfer of Monmouth's racing permit.

(With files from mycentraljersey.com)

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