Paterson says NYRA will get its $17 million bailout, Saratoga meet won’t be threatened

Paterson: NYRA, Saratoga meet will be saved

ALBANY, N.Y. — New York Gov. David Paterson says a proposed state bailout will pass and New York thoroughbred racing at Belmont and Saratoga race tracks will go on as scheduled.

Paterson says he expects the Legislature to approve a $17 million loan to keep the New York Racing Association afloat. Its cash flow is hurt by delays in getting video lottery terminals built and operating at Aqueduct race track.

Assembly Speaker Sheldon Silver says he supports NYRA. He says he hasn’t seen the legislation but the state’s most powerful legislative leader says he isn’t rejecting it.

NYRA officials say the agency is running out of money and may have to shut down in less than three weeks, the day after the Belmont Stakes.