Belmont Stakes survives

Some financial maneuvering by the New York Racing Association board of directors has ensured that the Belmont Stakes will be run this year, after months of hand-wringing over the difficulty of staging the race without a financial rescue for the state racing authority.

NYRA officials, in an effort to get the state to more actively pursue the introduction of video lottery terminals at its racetracks, have been saying since late 2009 that the Belmont Stakes could be at risk if the organization does not have access to more operating funds.

Attempts to select a provider of VLTs at Aqueduct Racetrack in Queens have been hampered by Gov. David Paterson’s political difficulties, and questions have been raised about the legitimacy of the process. NYRA says that it has been waiting since April 2009 to hear just what the state’s financial plan is for the racing authority.

As of last week, however, the group could wait no longer, and announced on March 4 that, thanks to some creative monetary shuffling and the suspension of several scheduled races, the Belmont will run as scheduled this year, on June 5.

Five races from Belmont’s summer session, including the Peter Pan Stakes — the traditional lead-up to the Belmont — have been put on hold for the spring and summer racing season, which begins April 30. NYRA said it hopes to bring the races back next season, but for now there are no guarantees.

In addition to putting the races on hiatus, NYRA is also reducing the size of the purses for several races at Belmont and Saratoga. According to testimony from NYRA President Charlie Hayward at a hearing in February, purse sizes often directly correlate to the quality of racehorses trainers are willing to run.

Local leaders, who have been watching NYRA with a keen eye since it first threatened to cancel the Belmont in late 2009, expressed their relief that the race will be held this year, but added that rescuing the race and making Belmont Park financially viable were two different matters.