Report Spurs Response From NYRA's Schwartz

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Controversy has once again hit the New York Racing Association following an article published in Thursday's edition of the Albany Times-Union that shows former chief executive Kenneth Noe has received $7,000 a month, plus expenses, since his retirement in a deal that will continue even beyond his death.

NYRA chairman Barry Schwartz issued a response Thursday afternoon to the story and a quote attributed to current NYRA chief executive officer Terry Meyocks. When asked to explain the payment, Meyocks said only, "It's not anybody's business. It's between the trustees and me."

Schwartz has taken exception to that statement, given that NYRA is a quasi-public corporation, and offered this response:

"This is an unfortunate statement that does not reflect the position of the NYRA board of directors," the statement reads.

"NYRA is a not-for-profit corporation with a publicly-granted franchise to operate pari-mutuel wagering at racetracks owned by the NYRA. A condition of that public franchise is that NYRA operate the racetracks in a manner that generates reasonable revenue in support of government. Thus, the public has a stake and an interest in any matter that affects NYRA's financial bottom line.

"In approving the compensation package for Mr. Noe, the NYRA trustees made a business decision that his years of service to the racing industry in general and to NYRA in particular warranted the level of compensation at issue. If the public's representatives in government feel that the compensation package is unwarranted or is excessive, the NYRA trustees will certainly be open to discussing the matter with them.

"Personally, I do not feel the compensation package is out of proportion with the work Mr. Noe performed on behalf of NYRA. That is not to say, however, that the public has no interest in the matter as it affects NYRA's financial dealings. Clearly they do -- and the NYRA board of trustees takes that interest very seriously."

To view the entire Albany Times-Union article,
click here

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