Re: Was it greed or ego??? (577 Views)
Posted by:
FrankD. (IP Logged)
Date: August 30, 2015 07:58PM
NYRA was reorganized and its franchise to operate the three racetracks was extended through 2033 under legislation approved by the New York state legislature on February 13, 2008. The new authorization provided $105 million in direct state aid and forgave millions more in state loans to NYRA. The association also gave up its claim to ownership of the land on which the three racetracks are situated. In return, the state gained expanded oversight responsibility. The state comptroller won the power to audit NYRA's books. The conversion of NYRA from a non-profit association to a not-for-profit corporation also gave the state attorney general enhanced oversight authority. In addition, the state now appoints 11 of the corporation's 25 directors. By changing from non-profit to not-for-profit status, NYRA also gained flexibility in its financial management.
I don't think Clueless Kay sat behind the $50 window in the clubhouse first floor skimming the first 100K that came in yesterday for Zayat and Baffy and crept away with a suitcase putting a finger over his lips saying don't tell the state comptroller?