Racing at Monmouth Park in Jeopardy After Deal Breakdown

If there is no agreement to privatize state-owned by next week, Gov. Chris Christie said Monday that thoroughbred racing at the historic Oceanport track could become a thing of the past, according to an Asbury Park Press report.

Christie said last minute demands by the New Jersey Thoroughbred Horsemen’s Association to increase purse subsidies by $5 million caused the breakdown of a deal to lease the racetrack to Resorts Casino co-owner Morris Bailey, according to the article by Bob Jordan.

Jordan wrote in a separate article posted Monday morning that Bailey is now entirely out of the picture, and that the state and horsemen will have to find a new lessee.

Bailey jointly operated the track with the New Jersey Sports and Exposition Authority over the summer, and signed an agreement for a five-year lease on June 21 pending the transfer of an operating license.

Talks nearly broke down in September over Bailey's responsibility for Monmouth Park's 2011 losses, which NJ.com estimates are in the neighborhood of $8 million.