Edited press release
The increase would come from the purse funds at racetracks and would increase the amount the New York THA currently receives from 1% to 2% according to the bill sponsored by Republican Sen. Bill Larkin.
Under current law, 99% of all purse money goes to horsemen. The remaining 1% goes to support the administrative costs of the New York THA and to pay for employee benefits.
“This increase is necessary so that the (New York THA) can continue to fund its benefits programs for employees while at the same time continue to pay the legal costs the association is paying for bankruptcy attorneys due to the NYRA bankruptcy proceeding,” Larkin said.
The New York Racing Association bankruptcy proceeding has necessitated that the New York THA spend a significant amount of money to hire legal counsel for ongoing court proceedings, Larkin said.
“The association's legal costs in the bankruptcy proceeding have impeded its ability to provide much-needed benefits to its employees,” Larkin said.
Meanwhile, in a May 9 release, the Newe York THA said president Richard Bomze will resign because of health reasons effective late June. Trainer Rick Violette, the first vice president, will take over as president.
"I have been working with the New York THA for over a decade, primarily as president," Bomze said in a statement. "During this period, the sport of Thoroughbred racing has undergone remarkable changes, particularly in New York. I believe the New York THA has responded well to those changes."
Bomze said he will remain active as an owner, breeders, and fund-raiser for backstretch and equine charities.
