Paterson to push for $17M loan for NYRA
By Matt Hegarty
New York Gov. David Paterson said on Tuesday that his office would push for passage of legislation that would loan the New York Racing Association $17 million to address the association's financial difficulties. Paterson made the comment during a press conference on Tuesday after being asked if NYRA would run out of money prior to the opening of its meet at Saratoga Race Course in Saratoga Springs on July 24.
"That's not going to happen," Paterson said. "We have a plan to loan NYRA, in the short term, money to get through Saratoga and we're working on a long-term plan to help beyond that."
NYRA officials did not immediately return phone calls on Tuesday afternoon, but on Monday, Charles Hayward, the president of the association, said that he was scheduled to meet with officials in Paterson's office on proposals for the loan. During the press conference, Paterson said he expected the legislature to approve a $17 million loan to the association, but he did not provide specifics on how the loan would be structured. NYRA has been seeking that amount under previous legislative efforts that have fallen short, in part because of legal complications that restrict how the state can loan money.