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Should he fail to come up with a fully financed proposal in the allotted time, he would be prohibited from acting for an entire year.
"We have no option but to withdraw immediately our fully negotiated and financed proposal, " Mr. Murdoch said last night through a spokesman.
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In December, the State Department asked for financing proposals from organizations with technologies that "maximize free expression and the free flow of information and increase access to the Internet".
The government says it has received financing proposals from a number of banks.The problem for Argentina is that rolling back subsidies will have a nasty effect on inflation, which has already been given a kick by the devaluation in January and is widely expected to top 30% this year, up from around 28% in 2013.
Last week, Robert L. Megna, the state's budget director, rejected Mr. Frucher's request for nearly $300 million in tax-free municipal bonds, which would have financed his proposal to restructure OTB.
The Carson City Council is set on Monday to order environmental, fiscal and land-use analyses of the privately financed stadium proposal, to be completed by April 21.
Mr. Vallone had mentioned the financing proposal in his letter.
The HUD financing proposal is due on Sept. 15.
PNC Capital Markets of Philadelphia is arranging the financing proposal.
Further reassurance came in the form of a novel financing proposal made by Mr. Kresky.
A spokesman for the Yankees declined last night to comment on the mayor's financing proposal.
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