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- Jan 14, 2008
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Horseracing’s not all good news!! On Friday, New York Racing Association (NYRA) board of directors announced it had fired
NYRA president/CEO Charles Hayward and senior VP/general counsel Patrick Kehoe after determining the execs had “failed to perform their duties
at a level required by the Board.” On Monday (April 30), the pair had been placed on unpaid administrative leave following the release of a state
Racing and Wagering Board (RWB) interim report that found NYRA management had intentionally shortchanged bettors $8.5m by extracting a 1%
higher than allowed “takeout rate” from winnings between Sept. 2010 and Dec. 2011. The NYRA was operating at a loss at the time.
The RWB report also determined that the fired NYRA execs tried to keep any discussion of the overcharging from becoming public knowledge.
The RWB claims the coverup began after an irate bettor informed Racing Form publisher/columnist Steve Crist of the skewed math being practiced by
NYRA on certain exotic wagers. The RWB cited an email exchange in which Crist informed Hayward of the allegation, but Hayward asked Crist to keep it under his hat,
lest the adverse publicity cause the NYRA to lose favor with state politicians.
READ FULL STORY HERE
NYRA president/CEO Charles Hayward and senior VP/general counsel Patrick Kehoe after determining the execs had “failed to perform their duties
at a level required by the Board.” On Monday (April 30), the pair had been placed on unpaid administrative leave following the release of a state
Racing and Wagering Board (RWB) interim report that found NYRA management had intentionally shortchanged bettors $8.5m by extracting a 1%
higher than allowed “takeout rate” from winnings between Sept. 2010 and Dec. 2011. The NYRA was operating at a loss at the time.
The RWB report also determined that the fired NYRA execs tried to keep any discussion of the overcharging from becoming public knowledge.
The RWB claims the coverup began after an irate bettor informed Racing Form publisher/columnist Steve Crist of the skewed math being practiced by
NYRA on certain exotic wagers. The RWB cited an email exchange in which Crist informed Hayward of the allegation, but Hayward asked Crist to keep it under his hat,
lest the adverse publicity cause the NYRA to lose favor with state politicians.
READ FULL STORY HERE
