SARATOGA SPRINGS, NY – The New York Racing Association (NYRA) Board of Directors terminated the employment of President and CEO Charles Hayward and Senior VP and General Counsel Patrick Kehoe. The termination, announced on Friday, is effective immediately.
A NYRA spokesperson says the decision was based on a determination that the two men failed to perform their duties at a level required by the board.
Hayward and Kehoe were placed on administrative leave without pay earlier this week. These actions followed a report from the New York Racing and Wagering Board showing that NYRA knowingly withheld $8.5 million from bettors.
Hayward's annual pay was $475,000, and Kehoe's was $423,000.
According to the report, NYRA's exotic take-out rate is 26%, which is 1% above the legal limit. The board was allegedly notified about the issue in September 2010, but failed to do anything, totaling an extra $8.5 million.
The report is currently under investigation by Governor Andrew Cuomo's administration.
The NYRA says they're taking all appropriate steps and actions to cooperate. They expect the matter will be investigated thoroughly and fairly.
NEWS10 ABC
