Just weeks before the eyes of the horse racing world will be on the Belmont Stakes, Governor Andrew Cuomo along with the state's legislative leaders announced Tuesday a deal to begin serious reform of the troubled New York Racing Association.

The plan calls for a 17-person advisory board, made up of seven appointees from the governor, five from NYRA and two each from the GOP-led State Senate and the Democratic-led State Assembly.

The board will be chaired by an additional Cuomo appointee who must be confirmed by the other board members.

The new makeup of the not-for-profit corporation will be in effect for the next three years to restructure, reorganize and conduct a "national" search for leadership.

At the end of three years, the board will go back to majority private control.

The announcement comes as NYRA deals with allegations it withheld an estimated $8.5 million in winnings from bettors.

NYRA's two top officials were fired and an investigation is underway.

The corporation has been in control of racing at Aqueduct, Belmont and Saratoga racetracks since 1955.

Speaking to reporters in Albany, Cuomo said NYRA could have major economic benefits for the state but only if New Yorkers have faith in the organization.

"This is going to have a dramatic effect on racing and if we're really smart, we figure out how to bring these pieces together and develop a synergy between racing, gaming, etcetera. Second, we have to restore the public trust," Cuomo said.

The governor has also expressed a desire to consolidate all of the state's gaming including racing, casinos and the lottery, under one authority.

The Belmont Stakes, scheduled for June 9, is the final jewel in horse racing's Triple Crown.

Kentucky Derby and Preakness winner I'll Have Another will vie to be the first Triple Crown winner since 1978.