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Comptroller: NYRA is Out of Control

NEW YORK – As reported by Newsday: " State Comptroller Alan Hevesi on Wednesday said the New York Racing Association is `out of control' and requires a full-time inspector general to overcome a `real risk to racing and to the State economy.'

"Hevesi also referred one element to the Internal Revenue Service for investigation. He said NYRA has claimed tax deductions for payments on debt for 10 years without paying any interest on the loan, only on the principal.

"…Hevesi called for a private law firm to be hired as an independent inspector general -- to be selected by him -- to `monitor and reform operations, clean up corruption and set management milestones.' If the politically influential NYRA board refuses, Hevesi said he will conduct a series of audits leading up to 2007, when NYRA's state franchise to conduct thoroughbred racing at Aqueduct, Belmont and Saratoga is due for renewal or termination.

"…`We disagree with the findings of the comptroller's audit,' said NYRA spokeswoman Rhonda Barnat. `We will study the other recommendations and continue to work cooperatively with the comptroller's office.'

"…NYRA is under investigation by state Attorney General Eliot Spitzer and the U.S. attorney's office, which is considering tax fraud charges…"

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