NYRA raises Belmont Stakes threat

Could the 142nd running of the Belmont Stakes on June 5 be the last? Will the final leg of the Triple Crown even happen this year?

New York Racing Association president Charles Hayward did not answers those questions Monday. But Hayward, whose organization is negotiating for funding with state leaders, certainly raised them.

"NYRA's current cash position will not allow us to make it through the entire Belmont Park race meet," Hayward said. The Belmont meet ends July 18.

Though Hayward left the fate of the Belmont season uncertain, his words cast an even darker cloud over Saratoga, home to the state's biggest purses. The meet runs from July 23 until Sept. 6.

NYRA has warned in past years that its money problems could doom racing, then found a way to stay afloat. Even so, there's little doubt that NYRA, which also runs racing at Aqueduct, is in trouble.

It's owed $17 million by the bankrupt New York City Off-Track Betting Corporation. And a deal that would have put video lottery terminals at Aqueduct with a slice of the profits going to NYRA fell through in March.

According to Hayward, under a 2008 agreement, New York is obligated to fund NYRA's shortfalls in the absence of lottery terminals at Aqueduct.

A legislative rescue, however, doesn't appear likely soon. The State Senate and Assembly recess later Tuesday and won't return until next week. However, some lawmakers' attention probably will be focused on the major party conventions with the Democrats meeting in Rye on May 25-27 and the Republicans in Manhattan on June 1-3.

A spokesman for Assembly Speaker Sheldon Silver (D-Manhattan) said he didn't want NYRA to shut down. "Conversations are continuing. We are reviewing proposals to ensure that NYRA continues operations," said spokesman Dan Weiller.

In the Senate, the GOP minority has tried twice to include a $17-million loan for NYRA in emergency spending bills needed to keep state government running in the absence of a state budget. The amendments were ruled out of order because the bills cannot be changed.

Austin Shafran, a spokesman for the Senate's Democratic majority, said, "There's never been a full accounting of NYRA so we have no idea how much money they have."

Gov. David A. Paterson submitted legislation authorizing the loan several weeks ago.