New York, NY —

Comptroller Tom DiNapoli says the New York Racing Association is once again facing possible insolvency, if a contract to expand gambling at the Aqueduct race track is not settled soon.

DiNapoli says he’s placing a team of auditors to monitor day to day transactions at the financially troubled state authority.

“NYRA is on very shaky financial ground,” said DiNapoli. “And there’s too much at stake to let NYRA continue its fiscal mismanagement”

State officials have been trying to build the slot-like machines at the Aqueduct in Queens for nine years. They say they have finally chosen one bidder but DiNapoli is skeptical that there will be a deal.

The state already loaned NYRA $25 million dollars in June to help it limp through the summer racing season. DiNapoli says there is a larger issue in play here: Betting on horses is on the decline in New York and the nation.

Read more about Aqueduct: Aqueduct's Decade