Cost of New Yankee Stadium Continues to Rise
Remember last year when NY Mayor Bloomberg announced that capital improvements to infrastructure around New Yankee Stadium would not go above $145 million?
Think the costs to the taxpayers ended there? Think again. As reported by the NY Daily News:
A new analysis of the capital budget by City Controller William Thompson says City Hall has slated $235 million for stadium improvements between now and 2011.
That's a $90 million increase over what the public was told before the City Council approved the stadium deal in April 2006.
Then last week the Yankees suddenly claimed an extra $5 million in retroactive deductions from the city to their stadium rent for 2005.
The Yankees say all of that was connected to planning for the new stadium.
Those asking about those write-offs (the $5 million a year in what is deemed “planning expenses"), remember there has been talk of serious gouging by the Yankees, including, “a bill for 12 crystal baseballs that came to $1,825, including a “rush charge”; and thousands of dollars in meals billed by the Stadium Club restaurant for the clubhouse, umpires and ‘new business’.”
And remember, that $235 million that the City Controller reported doesn’t include the issuance of $225 million in tax-free bonds for new parking structures and renovation of existing parking garages around the facility.
Maury Brown is the founder and president of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football and The Biz of Basketball (The Biz of Hockey will be launching shortly). He is also an author for Baseball Prospectus, Basketball Prospectus and is an available writer for other media outlets.
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