The New York racing season looks like it’s been saved.

A bill that would loan the New York Racing Authority, which essentially runs the Belmont, Aqueduct and Saratoga race tracks,  has been introduced to the New York legislature by Governor Paterson.

That’s good news, one week before the June 5 Belmont Stakes.

Here’s what the bill will provide: it gives the NYRA a $25 million capital loan.

In return, NYRA would have to pay the state back by March 31st, 2011 or thirty days after a deal is struck with a vendor to operate VLT’s at Aqueduct.

Without the money, most people believe, racing would not continue at those tracks.

And that would be tragic.

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