After weeks of warnings, city officials announced that they were terminating their contract with Baltimore Racing Development, which has more than $12 million in debts, including more than $1.5 million in unpaid city taxes and fees. It is unclear whether the company will file for bankruptcy and whether it will be able to pay its debts. The company lacks a chief executive and chief operating officer, and a five-member management team has struggled to reach a consensus on plans for a turnaround.