I don't have the answer, or really anything close to it, but I would guess that at least some of NYRA's problems stem from mismanagement in the past. However, I have a lot of confidence in those in charge now, and less than none in at least one of the current supposed " bidders ". I know little to nothing about Excelsior, on the other hand, but as of now there is no information available on what, if any, plans these groups have for running racing in NY.
Truthfully, the main thing the current management at NYRA have going against them is the name NYRA, as they differ substantially, if not completely, from the leadership of the past.
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