NEWS
Former NYRA co-chairman Karches succumbs to illness
Posted: Friday, April 14, 2006
Peter Karches, former co-chairman of the New York Racing Association, died on Thursday in Boston from chronic lymphocytic leukemia. He was 53.
Karches, a longtime owner and breeder, resigned as NYRA's co-chairman in December and remained a member of the association's board of trustees.
"Personally and professionally, we have lost a great friend last night with the passing of Peter Karches," NYRA Chairman Steven Duncker said. "Even while battling his illness, Peter worked tirelessly for New York racing. His integrity and business sense was unmatched and racing in our state was the beneficiary of those talents."
During his two-year tenure, Karches joined Duncker in leading NYRA through an 18-month federal monitoring of NYRA's business activities as part of the organization's deferred indictment over allegations of fraud related to a scheme by mutuel tellers to avoid paying taxes. The term culminated with a positive report from the federal monitor, the law firm of Getnick and Getnick, and the September dismissal of the federal indictment.
"Peter Karches brought great passion and talent to business decisions and to his Thoroughbred racing interests," NYRA President Charles Hayward said. "As a colleague, Peter had great leadership skills and encouraged one to achieve more than one ever thought possible. He was a strong advocate and pioneer in issues of racing integrity and we will all be forever thankful for his many achievements."
Karches, who retired as an executive with Morgan Stanley Dean Witter and Co. in 2000, raced graded stakes winners Dynever, Statesmanship, Fast Decision, and Seducer's Song, and Grade 1-placed winner Kissin Saint.
"He was more than an owner; he was good friend to me," trainer Lisa Lewis. "He believed in me and gave me an opportunity. He will be greatly missed."
Karches was a trustee of the Thoroughbred Owners and Breeders Association and a member of the Jockey Club.
In March, Karches and his wife, Susan, donated $10-million to the Feinstein Institute for Medical Research to support laboratory and clinical research underway at the Chronic Lymphocytic Leukemia Research and Treatment Program, part of the North Shore-Long Island Jewish Health System.
Karches is survived by his wife and children Amy, Pam, Peter, and Nancy.
Funeral arrangements are pending.
