NEWS
NYRA gets high-profile endorsement for franchise
Posted: Thursday, August 23, 2007 5:19 PM
by Paul Post
A group of influential Saratoga business leaders and high-profile horsemen formally endorsed the New York Racing Association’s bid to retain the state’s Thoroughbred racing franchise on Thursday.
Concerned Citizens for Saratoga Racing threw its support behind NYRA to continue running Saratoga Race Course, Belmont Park, and Aqueduct two days before Saturday’s 138th running of the $1-million Travers Stakes (G1). New York Governor Eliot Spitzer has set a September 4 deadline for naming the next track operator.
The endorsement came on the same day that NYRA announced that it had hired Greenwood Racing executive Hal Handel as its new executive vice president and chief operating officer.
“It probably says something about my sanity,” Handel said. “It’s a gambling business. This is such a good opportunity, my family felt this was well worth the risk. This is one of the dream jobs in American racing. I think they’ve [NYRA] made a very compelling case for the franchise.”
Most observers consider Handel’s move as a strong indicator that NYRA is a sure bet to get the 20-year contract.
Spitzer, however, has not revealed his franchise plan publicly and the state legislature still must approve whatever he recommends. It’s possible, although unlikely, that NYRA could lose the franchise when its current contract expires on December 31.
Another bidder, Capital Play Inc., on Thursday touted its $1.8-billion proposal during a community presentation attended by about 75 people, including several industry leaders.
Chief Executive Officer Karl O’Farrell blasted NYRA’s enormous debts and failure to improve racetrack properties. He said the tracks are in worse shape now than when NYRA began operating them in 1955.
“It’s time to clean house,” he said. “This is our sport. It’s important for the future of our sport.”
Capital Play’s plan calls for $1-billion in lease payments to the state over 20 years and $700-million worth of racetrack improvements and pension fund funding.
Excelsior Racing Associates and Empire Racing Associates also have submitted bids for the franchise.
The Concerned Citizens group was joined by Racing Hall of Fame trainer Nick Zito and Hall of Fame jockey Angel Cordero Jr.
“They’ve made tremendous progress,” Zito said of NYRA. “They’ve got a great staff now.”
Spokesman Joseph Dalton said the citizens group favors NYRA because it will put horse racing ahead of video gaming operations. Aqueduct is slated to get 4,500 video lottery terminals capable of generating $660-million per year.
“It’s just too easy for someone who’s a casino operator to put racing in a secondary position,” Dalton said. “Horsemen have to run horse racing.”
Paul Post is a New York-based Thoroughbred Times correspondent
