Henderson, KY -- (Sports Network) - An agreement has been reached between Ellis Park and the Kentucky Horsemen's Benevolent and Protective Association (KHBPA) that will allow the track to reopen. Track owner Ron Geary closed the track before Friday's scheduled opening due to a dispute with KHBPA over account wagering revenues (ADW).

"This is a win-win for the horsemen and Ellis Park," said Ellis Park owner Ron Geary. "You can't imagine my relief to have the track opening."

The track will open for racing as early as Friday, July 11 with the possibility of making up the five days lost because of the closing. Ellis Park will run its complete 2008 meet.

The following is the approved agreement for the 2008 live meet:

Match the demands of the KHBPA and contribute to the Ellis Park purse fund an amount equal to six percent of ADW handle or 1/3 of takeout from wagers placed through the ADW companies on Ellis Park races, whichever is greater.

This rate is almost three times the previous contributions which could possibly result in a purse increase the latter part of our meet.

Immediate approval of the Ellis Park signal to be disseminated to all ADW's including TVG and HRTV for all races held live at Ellis Park.

Ellis will be able to maintain racing five days a week (50 chances to run per week).

"The long term viability of Ellis Park hinged upon our ability to be carried on all the ADW signals, including TVG and HRTV, Ellis Park had already negotiated," Geary explained. "We will make this an awesome live meet for Ellis Park with great purses available to the horsemen. It's those purses that will attract and keep the horsemen here this summer."