BOSTON -- The owners of famed Wonderland Greyhound Park said Thursday that they will avoid foreclosure with an arrangement to pay the city of Revere hundreds of thousands in unpaid taxes.

"We take full responsibility and have taken immediate action to arrange a payment plan to settle the arrears," Richard Dalton, president of Wonderland's owner, Westwood Group, said in a statement.

The Revere track, which opened in 1935, owes $789,293 in unpaid taxes from the last two years, the Boston Globe reported. The track also owes $16,673.70 in water and sewer bills, Revere city officials said.

Despite being delinquent since 2006, the facility got its annual liquor and restaurant licenses, as well as a special permit for parking at a track-owned parking lot, city officials said. Granting the licenses for a delinquent business is a violation of a local ordinance. Mayor Thomas G. Ambrosino said the licenses were issued in error, and they would not be renewed if the facility was still delinquent.

"We have spoken with Mayor Ambrosino and expressed our deep regrets for any inconvenience we have caused the City of Revere. The City of Revere has been a long and trusted partner and we value our continued relationship with the community," Dalton said.

Wonderland, which opened in 1935, features racing five nights a week, according to its Web site.