Just one more sign

That horse racing in this country may soon become extinct. The New York Racing Association in spite of a monopoly on thoroughbred racing in New York is reported to be in dire financial condition.

From personal experience like I wrote here I find horse racing's decline unfortunate. I do think its inevitable, there are just too many other ways for people to gamble today.

Supper- Basil's Blog

SARATOGA SPRINGS, N.Y. - New York Racing Association is in such financial trouble that it will "go bust" by the end of November unless it sells land, an official said Tuesday.

NYRA president Charles Hayward told Gov. George Pataki's new NYRA oversight board that his association needs $15 to $20 million from the sale of property near Aqueduct racetrack to survive.

"The franchise is in jeopardy," Haywood said. "We run out of cash at the end of November."

If the state doesn't allow the land sale, the state will have to figure out how to operate racing "if and when NYRA goes bust," he said.

Oversight board chairwoman Carole Stone and a state Racing and Wagering Board attorney said the private association operating on a state racing franchise can't sell the land without state approval. Stone said she believes any sale would require approval by the board, the state Racing and Wagering Board, and possibly the state Legislature.

She also questioned the sale of land assets since NYRA's franchise to run Aqueduct, Belmont and Saratoga race tracks is scheduled to end in December 2007.

Hayward said if the sale goes through, NYRA could remain solvent through next year's Belmont meet in late spring.

The Non-Profit Racing Association Oversight Board will meet again with NYRA officials in November. Stone wants detailed financial records, including an accounting of expenses and a capital improvement plan.