I didn't see this coming....

[PaceAdvantage]

The saga continues:

NYRA to turn down $19-million in bailout money (http://thoroughbredtimes.com/todaysnews/newsview.asp?recno=67524&subsec=1)
The New York Racing Association plans to reject $19-million in state funds, part of a $30-million financial bailout package negotiated last December that was intended to keep NYRA operating Aqueduct, Belmont Park, and Saratoga Race Course through 2007, citing unacceptable conditions imposed by the NYRA Oversight Board. Thoroughbred Times (http://thoroughbredtimes.com/todaysnews/newsview.asp?recno=67524&subsec=1)

[Indulto]

The saga continues:
State Oversight Board OKs NYRA Bailout Loan by Walt McClure
http://www.fox23news.com/news/local/story.aspx?content_id=143FF3CE-BD2E-4D43-BE51-C6463F939FDC (http://www.fox23news.com/news/local/story.aspx?content_id=143FF3CE-BD2E-4D43-BE51-C6463F939FDC)
... NYRA spokesman William Cunningham telling Fox 23’s Walt McClure by phone the deal doesn't allow NYRA to guarantee the racing meet, that they are studying about making a Chapter 11 bankruptcy filing to protect all their commitments and be able to make their race dates.

Governor Pataki says he is perfectly comfortable with the oversight board's decision -- and the work being done by the commission on the future of racing to decide who will carry on the racing franchise after December of next year.

Governor Pataki: “The oversight commission has said it's appropriate with certain time restrictions to go forward with the additional funding for NYRA and I know the future of racing commission is close to making their recommendation.”

[kenwoodallpromos]

Is Pataki stalling until Spitzer wins and takes over (I hear he is doing well)?

[karlskorner]

New ball game.

http://news.bloodhorse.com/viewstory.asp?id=36107

[alysheba88]

This whole thing is so political. They keep holding up the slots for Aqueduct- to starve NYRA- and meanwhile it goes through at the hell hole Yonkers- a completely unsafe facility

[Tom]

Speaking as NY taxpayer, GOOD!
Far too much tax money is thrown away in this state.
We are already subsidzing the Buffalo Bills - one of the worst teams in history, and now thay wanna carry a track?
Get real.
If NYRA can't pay their bills - close the doors.
I don't care whose fault it is, it's MY tax money.
Can't Manny bail them out????:bang:

[Indulto]

Speaking as NY taxpayer, GOOD!
Far too much tax money is thrown away in this state.
We are already subsidzing the Buffalo Bills - one of the worst teams in history, and now thay wanna carry a track?
Get real.
If NYRA can't pay their bills - close the doors.
I don't care whose fault it is, it's MY tax money.
Can't Manny bail them out????:bang:Tom,
Whoever gets the franchise will be operating under a more favorable set of rules to fund operations. The "bailout money" is a loan, not a subsidy, and you know it.

With all the pressure being applied by the Pataki administration to force the NYRA to declare bankruptcy, this pledge they're pursuing is just a political ploy to place the NYRA in an even poorer light.

If the NYRA really believes they own the land, maybe they'd be better off filing now than waiting until somebody else gets the keys. The charade is over. Who here still thinks it's about maintaining high quality racing and preserving Saratoga? The new game appears to be maximizing slot profits, applying influence capable of outweighing the logical potential for greater tax revenue, and transferring prestige out-of-state.

[Tom]

Great.
Do it without my money.
I could care less who runs NYRA.
I could care less if was NYRA or not.
Just as long as I don't pay for it.

[saratoga guy]

Great.
Do it without my money.
I could care less who runs NYRA.
I could care less if was NYRA or not.
Just as long as I don't pay for it.

Just make sure you're not being penny-wise and pound-foolish in this debate:

The $30 million loan was agreed to quite awhile ago -- this money is nothing new. What is new is that the Oversight Board has held up paying out the remaining $19 mil of that original $30 mil.

The Board is claiming that NYRA needs the OK on its AQU racino from the Lottery Division so that the state can be assured of repayment.

Fair enough. However, the Lottery Division has failed to OK the racino at Aqueduct for months now -- without giving a specific reason.

From a USA Today article (http://www.usatoday.com/sports/horses/2006-09-20-nyra-bailout_x.htm): Albany is also counting on $300 million in revenue from the video slot machines in the 2006-07 state budget.

That's anticipated revenue from the Aqueduct VLTs. The ones that aren't bringing in a dime at the moment -- because the Lottery Division is delaying the OK.

That's $300 mil you and I as taxpayers are going to have make up...

If the Lottery Division had given its OK when the issue first arose months ago -- this wouldn't be a story and NY state would be that much closer to raking in $1.2 mil/day in slots revenue from the Aqueduct racino.

[alysheba88]

Speaking as NY taxpayer, GOOD!
Far too much tax money is thrown away in this state.
We are already subsidzing the Buffalo Bills - one of the worst teams in history, and now thay wanna carry a track?
Get real.
If NYRA can't pay their bills - close the doors.
I don't care whose fault it is, it's MY tax money.
Can't Manny bail them out????:bang:

Are you serious? Who the heck do you think has been contributing so much tax revenue? The horseplayer betting at NYRA tracks! If the friggin state didnt take so much there would be a bigger slice of the pie for everyone else.

[alysheba88]

Just make sure you're not being penny-wise and pound-foolish in this debate:

The $30 million loan was agreed to quite awhile ago -- this money is nothing new. What is new is that the Oversight Board has held up paying out the remaining $19 mil of that original $30 mil.

The Board is claiming that NYRA needs the OK on its AQU racino from the Lottery Division so that the state can be assured of repayment.

Fair enough. However, the Lottery Division has failed to OK the racino at Aqueduct for months now -- without giving a specific reason.

From a USA Today article (http://www.usatoday.com/sports/horses/2006-09-20-nyra-bailout_x.htm): Albany is also counting on $300 million in revenue from the video slot machines in the 2006-07 state budget.

That's anticipated revenue from the Aqueduct VLTs. The ones that aren't bringing in a dime at the moment -- because the Lottery Division is delaying the OK.

That's $300 mil you and I as taxpayers are going to have make up...

If the Lottery Division had given its OK when the issue first arose months ago -- this wouldn't be a story and NY state would be that much closer to raking in $1.2 mil/day in slots revenue from the Aqueduct racino.

They are deliberatley starving NYRA and its all politics. If slots were in now, the franchise would be healthy and thus les prone to change next year. But since so many politicians have been "bought" by possible NYRA successors they must keep that revebnue from them long as possible.

[PlanB]

I think this showdown is, ummmm, a good ploy for NYRA to use now.
In fact, with this posturing, I've started to root (mildly) for NYRA.
If the courts rule that NYRA does own the land, lol, VENGENANCE big time.

[Tom]

Are you serious? Who the heck do you think has been contributing so much tax revenue? The horseplayer betting at NYRA tracks! If the friggin state didnt take so much there would be a bigger slice of the pie for everyone else.

Of course I am serious. The way it is now, my pockets get plucked clean, the BIlls, NYRA, evey sports team with a stadium more than two months old needs a new one, and everyone gets a piece of the tax pies except us who baked it. Let me keep my money through lower taxes, let NYRA decide how to survive on its one, let Ralph friggin Wilson pay his own bills and I will happy. NYS is a joke- the worst of the 50 states, including Arkansas.:eek:
It is a hand out state of thugs and thieves and I resent one penny of my tax dollars going to horse racing, baseball, or football. The need cahs, quit paying all that NY breeding money used to breed the worst class of race horse ever seen - the NY Bred.

[rrbauer]

http://www.drf.com/news/article/80209.html

What else can go wrong?

[Indulto]

http://www.drf.com/news/article/80209.html

What else can go wrong?Nothing is ever so bad it can't get worse. ;)

I suspect the NYRA now has as much of an opportunity as a problem. At the very least they are forcing their opponents to share their problem.

Think of the NYRA as an airline and buckle your seat belt.

And it's all happening on Pataki's watch.

[Tom]

Bankruptcy...now isn't that where you get to screw your creditors - those who trusted you and now get that trust back 10 cents on the dollar?

[Indulto]

Bankruptcy...now isn't that where you get to screw your creditors - those who trusted you and now get that trust back 10 cents on the dollar?
http://www.brisnet.com/cgi-bin/editorial/news/article.cgi?id=6228
"The goal of the filing is to maintain the current schedule of racing dates, purse structure, stakes program and all other racing operations," NYRA President and CEO Charles Hayward said. "Chapter 11 bankruptcy does not mean going out of business. In fact, it is a constructive process that allows NYRA the opportunity to achieve financial reorganization while continuing to conduct world-class Thoroughbred racing without interruption."

[Indulto]

NYRA tries new tack to keep hands on reins
Lawyer for racing agency says Chapter 11 filing could improve finances
By JAMES M. ODATO
http://timesunion.com/AspStories/story.asp?newsdate=11/3/2006&navigation=nextprior&category=CAPITOL&BCCode=HOME&storyID=531495&TextPage=1 (http://timesunion.com/AspStories/story.asp?newsdate=11/3/2006&navigation=nextprior&category=CAPITOL&BCCode=HOME&storyID=531495&TextPage=1)
... The filing should get a federal judge to rule on the controversial issue of who owns the tracks the state or NYRA, said NYRA's lawyer Brian Rosen. If the court rules the tracks belong to NYRA, it could borrow against the property or sell it.
… Racing professionals and NYRA insiders say the Chapter 11 filing could entangle the franchise issue for years.

… a real estate company and a financing firm have partnered as SB Kimco to immediately provide $15 million to NYRA, with another $35 million loan promised as long as the bankruptcy judge allows it. NYRA President Charles Hayward blamed state agencies, particularly the Lottery Division, for the private racing company's need to seek shelter in bankruptcy court. He said the filing will allow NYRA, which has 1,419 permanent employees, to continue running races and paying purses.

He said the protection sought in U.S. Bankruptcy Court in Manhattan was necessary because of incompetence of state agencies. In an affidavit filed with the bankruptcy, Hayward complains of "the inability or abject failure of state agencies to take appropriate actions in a timely manner" and the "interference" of Gov. George Pataki's administration. His biggest concern, he said, was the Lottery Division's "failure" to approve a management contract for the creation of a huge casino with lottery machines at Aqueduct.

… Government officials said the bankruptcy prevents the state from stripping NYRA of the franchise before its right to operate the tracks expires at the end of next year.