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Report: $40M In 'Big M' Funding Raised

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Published: March 18, 2011 12:08 pm ET

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According to a report, Jeff Gural and Tom Luchento are today meeting with officials from New Jersey Governor Chris Christie's administration in regard to the plan which would see him lease the Meadowlands Racetrack.

An article on northjersey.com explains that Luchento, the president of the Standardbred Breeders & Owners Association of New Jersey, has been encouraged by the dialogue between the parties, although he still hanging onto the chance of purse subsidies, something which Gural is not banking on.

“I’m upbeat that the Governor’s Office has worked with us, other than on continuing the subsidy,” Luchento was quoted as saying. “We’re not in an adversarial position at this point.”

The piece has quoted New Jersey Sports and Exposition Authority President Dennis Robinson as stating, “As far as any assumptions on purse subsidies, we’ve been right along saying, ‘Absolutely not.’ That’s the position that state has taken, and [Gural] very much understands that.”

The article cites Luchento as saying that about $40 million has been raised, and that most of the rest of the estimated $100 million financing target could be borrowed.

Gural is trying to put together a deal which would see him take over management of the track by April 1.

(With files from northjersey.com)

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