Bodog Beat

The NYRA has announced that live racing could end at Aqueduct. (AI Wire photo)

When you hear the date Feb.14, it makes you think of chocolates, flowers and romance. But this year, Feb.14 could have whole new meaning in the horse industry. The NYRA has announced that live racing could end at Aqueduct.

Since the NYRA franchise expired on Dec. 31, 2007, they were granted two extensions. The first one was until Jan. 23, but that wasn’t long enough for officials, who wish to remain anonymous, to come to an agreement which includes meeting 10 required benchmarks over the next four years. So NYRA was granted another extension which expires on Feb. 13. Failure to meet the required benchmarks means the franchise license will be revoked. The actual details of the proposal which is in negotiation, is made up of a 189-page draft.

On Wednesday night, Sheldon Silver, the speaker of the assembly, met with NYRA officials to discuss a deal offered by Joseph Bruno, the state senate majority leader, which would extend the racing at Aqueduct for 25 years. There were several items listed in the bill that the NYRA officials would not accept.

NYRA filed for bankruptcy in 2006 and received a $32 million loan from the state. This loan was for keeping the track going throughout 2007 especially during the winter months which is when the track operates in the negative. NYRA chief executive Charles Hayward has stated that the bankruptcy situation has played a major part is the possible closure of the track. Once a final deal is made, NYRA will need more that $100 million from the state to help rise from the Chapter 11 bankruptcy protection.

Closure of the track will result in the majority of the 1,300 employees being laid-off; those who will remain will be receiving a 20 percent pay decrease and a shorter work week.

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