NYCOTB Might Close...Again

Published: November 29, 2010 11:55 am EST

The New York State Legislature is scheduled to meet in special session today, with governor David Paterson pleading with them to pass his proposed New York City OTB legislation in the face of yet another threat to close down


Some legislators, weary of the 'boy-who-cried-wolf' appeals, are not in accord, and Joe Faraldo and his New York Standardbred Owners Association are urging them to stand fast in the face of forgiveness of monies due Yonkers and Monticello in return for a transfer of phone betting to a track consortium called the New York Racing Network.

The SOA opposes passage fearing loss of the horsemen’s share of monies due.

The governor’s hand-picked leaders of NYC OTB -- chairman Larry Schwartz, who also serves as Paterson’s chief of staff, and president Greg Rayburn -- plan to send out closure notices on Tuesday, November 30 if immediate action is not taken. They say they will run out of cash by the end of the month unless the legislature approves their bankruptcy reorganization plan.

(Harness Tracks of America)

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