It has been reported that New York Racing Association President and CEO Charlie Hayward said yesterday that his association could cease operations on June 6, just one day after the Belmont Stakes is contested

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According to an article by timesunion.com, Hayward was quoted as saying, "It's a possibility. We need some financial relief or we will not be able to run a full Belmont meet.''

The article goes on to say that NYRA had hoped to have video lottery terminals in place by now in order to bring in much needed revenue. Hayward said the state was supposed to subsidize NYRA if the VLTs were not in place by April 1, 2009. The report states that neither has happened. NYRA is also owed $17 million from New York City OTB, which is bankrupt.

Thoroughbred trainer Nick Zito also commented on the situation in the article, and he didn't hold back.

"It kills me, it just kills me. It's ridiculous. It's a hard thing for me to swallow because New York is New York. New York is America, no matter how you look at it. I don't like talking about it. It upsets me.

"It should never be in this kind of situation. Do you think the Yankees would ever be in a situation like this?''

(With files from timesunion.com)