Yankees asking for another 400 MILLION from NYC

Are these guys on crack or something?

http://www.myfoxny.com/myfox/pages/H...Y&pageId=1.1.1

ALBANY, N.Y. -- New York City officials confirmed that the New York Yankees are seeking more public financing to build their new stadium.

State Assemblyman Richard Brodsky of Westchester, whose committee investigates public debt projects, said Wednesday that the Yankees now say that if they don't get another $400 million in public financing the club might not be able to finish the stadium. (That's a load of bull-dung right there)

Janel Patterson of the New York City Economic Development Corp. that is working with the Yankees said the project isn't threatened. But she said the city is working to relieve an Internal Revenue Service regulation that prohibits more public debt to be incurred for the stadium. Brodsky says that IRS change also is being sought to help stadium and arena projects for the Mets and Nets.

The Yankee's new stadium is scheduled to open next year




This is seriously screwed up!

1) The Steingrabbers have more money than (insert joke or name of very rich person here). Why can't they dip into their personal money?

2) Why should NYC's Mets fans have to pay for the Yankees' idiocy?

3) Yankees suck, I don't wanna pay for their stadium. The Mets don't ask taxpayers to foot the bill for Citi Field, now do they?

Well, considering that the Yankees OWN New York... They will get their money. Now if it were the Muts wanting a new stadium, and asking for another 400 mil., than they might be told to screw off.

In all seriousness, metsguy, I am with you 100%. I would imagine there's probably some sort of online petition going on, go sign it! I have never agreed with public money going to a sports stadium. There have been numerous studies done on the aftereffects, and all of them have concluded that the city/state/province never sees it's money back. It's ****! Of all the things a civic government needs to spend it's money on, I'd throw a new ballpark down at the bottom of the list.

So....why would the NYW start building a new stadium if they didn't have the money to finish it?

And..uh...if the financial situation is SO dire (hah!) then why not do what they did in the 70s? Shut 'Real' Yankee Stadium down for a year or two, renovate THAT, and reopen? I thought that was a great idea.

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Originally Posted by CatKnight

So....why would the NYW start building a new stadium if they didn't have the money to finish it?

And..uh...if the financial situation is SO dire (hah!) then why not do what they did in the 70s? Shut 'Real' Yankee Stadium down for a year or two, renovate THAT, and reopen? I thought that was a great idea.

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Simple...once construction is in the works it's a lot harder for the city and taxpayers to say no.

Isn't this the stadium that they yankees got so much publicity because they were privately financing all except what MLB was putting in towards it?? The city was only going to have to fund only the surrounding infrastructure. I am sure the city is not going to receive funds from ticket and concession sales and I'll bet my lunch the yankees already get huge tax breaks from the city.

Way to sh!t on your taxpaying fan base.

Yankees! They know how to work a city over! Go Yankees!

Doesn't it always seem that the richest big businessmen are always the ones begging the government for more and more handouts? I think at least 95% of Americans would rather that the $400 million in tax dollars that the Yankees are asking for in handouts be spent on something else (although I don't think you could even remotely come close to a consensus as to what this money should be spent on). If only Ralph Nader had as much success going after corporate welfare as he has had going after the auto industry when they refused to put seatbelts in cars and helping the current president to get elected. This 'New Yankee Stadium' is not only offensive to a true baseball fan, but it is a massive waste of money that could have been spent on numerous more useful things than building a new stadium for a billionaire and his $200 million a year baseball team to play in. Surely, the Yankees have plenty of money to pay their own way instead of being a parasite.

I guess this gives the fans of the other 29 teams 400 million more reasons to hate the Yankees, as if there weren't enough already.

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Originally Posted by Arctic Blast

Of all the things a civic government needs to spend it's money on, I'd throw a new ballpark down at the bottom of the list.

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I wouldn't even put it on the list. Not ONE taxpayer dollar should ever go toward's a new sports stadium. I even believe the sports team should be made to pay for the new infrastructure required. You're right, the local citizens get sold a bill of goods that it will "Pay for itself with new economic growth in the area." When one finally does, it will be the first.

Do you know how much NYC makes off the Yankees in taxes? This money will be paid back in the first few years of New Yankee Stadium... The stadium itself is a tourist attraction and hires a lot of people. The Yankees aren't mooching off NYC, if anything it's the other way around.

Oh bullsh*t.

Given Steinbrenner's legion of lawyers and accountants, how much in taxes do you think they REALLY pay the City and State of New York?

As for all these new jobs and such....no, not really. The construction companies I will grant (though as I recall Steinbrenner has major interest in some of those), but stadium employees? The overwhelming majority already have jobs in OLD Yankee Stadium.

As for being a tourist attraction...you are kidding, right? Again, I will grant the Yankees' popularity, but do you have the faintest clue how hard it is to actually get a seat in there? Or Fenway? Clay was protesting on the expansion thread how hard it is to get a seat. That's why BoSox and Yankee fans make a weekend of it if they can and come to Cleveland and other cities to watch their team play an away game.

Next time you're in an AL city when the Yanks are coming to town, watch for the darkening clouds and skittering wave of dark, buzzing, arrogant creatures seep into town. Those are Yankee fans who can't get a ticket THERE.

Steinbrenner doesn't need $400m. New York should say no. He started his stadium, he can very well finish it. And if not, then they can stay in Old Yankee Stadium.

Well, I wonder if the Yanks will threaten to move if they don't get it, heh. They really should have no leverage to get more unless it is behind the scenes.

Yes I do have an idea, seeing as how I live in New York City. You're clearly unaware of the situation with Yankee stadium and New York City. New York profits greatly from the existence of franchises such as the Yankees, Mets, Rangers, and Knicks. Why do you think they are so excited to get the Nets to Brooklyn.

If you honestly believe that the Yankees don't pay NYC taxes because of Steinbrenner's lawyers you're just as silly as any other conspiracy theorist. All you have to do to buy tickets is purchase them ahead of time. I have never had problems getting Yankee tickets.

And if you have ever been to Yankee stadium you would see how many people come from foreign cities.

Doh, the Yanks did threaten to leave if they don't get their new stadium!
http://www.bizofbaseball.com/index.p...=2269&Itemid=1

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Originally Posted by SirKodiak

Doh, the Yanks did threaten to leave if they don't get their new stadium!
http://www.bizofbaseball.com/index.p...=2269&Itemid=1

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Awesome!!!!

NYC will finally be a Mets town!!!

While they're at it, I'd love for the Yanks to pull their Single-A team out of Staten Island. The Brooklyn Cyclones could be the Brooklyn-Staten Island Cyclones.

didnt they spend a few mil just digging up the supposed cursed jersey of ortiz?

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Originally Posted by wase

didnt they spend a few mil just digging up the supposed cursed jersey of ortiz?

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They spent 15,000. The Yankees can technically afford to spend the 400 million themselves, but as an active sports club they can't risk to use all that money right now. The Yankees will be paying that money back, and much more, in taxes, employment, tourism etc...

Let's not forget that that Citi Field has been subsidized $450 Million dollars in public funds, which the Mets will also pay back.

And, again, numerous economic studies have shown taxpayers DO NOT get the investment money back. The Yankees no doubt DO get a sweetheart tax deal, much like every other major corporation does.

I put public spending on sports facilities for privately owned teams on the same level of stupid as constant bailouts of badly run corporations with my tax money...DUMB DUMB DUMB.

Can you show me these economic studies?

I'll have to do some searching...I actually read a few books about the subject a few years back, but haven't really tried to find anything online...and I porobably don't even own the books anymore. I'll see what I can dig up.

By the way, according to the NY Times online edition, the Yanks have already received 950 MILLION in TAX EXEMPT bonds to build this thing. They do have to pay them back, but with no interest, and no payback timeline whatsoever, and no minimums. They also will be paying exactly nothing for taxes to any level of government, since they are technically leasing a public building...even though they pay zippo for the lease rights. The parkland that was ripped up to bu8ild the stadium is being replaced elsewhere at a further cost of $150 million to NY taxpayers, and the taxpayers are also paying 100% of the costs associated with tearing down current Yankee stadium, and cleaning up the site. Taxpayers will also pay a quarter of the costs for the parking garages for the new stadium, and get nothing back for that investment. Total project cost...1.3 billion. Amount the Yanks are paying...450 million. Explain to me how the NY taxpayers are going to get back 950 million dollars, especially when the team is paying no taxes.

Can someone tell me why they needed a new Yankee Stadium in the first place? Wasn't this current one bigger than most other ballparks? I thought it seated like 55,000 fans or something...with Fenway struggling to squeeze in 36,000, and fields like the Trop not even seating 18,000 fans a game, it seemed like the Yanks already had the best stadium and highest ticket income...what was the impetus here?

To win more. duh
;)

By the way, here's what's probably one of the seminal papers on the subject of public financing for private sports organizations:

http://www.cato.org/pubs/regulation/regv23n2/coates.pdf

For those who don't wish to read the whole thing (even though I highly recommend it):

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Results Our results indicate:
• The professional sports environment in the 37
metropolitan areas in our sample had no measurable
impact on the growth rate of real per capita
income in those areas.
•The professional sports environment has a statistically
significant impact on the level of real per
capita income in our sample of metropolitan areas,
and the overall impact is negative.

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Originally Posted by Passed Ball

If only Ralph Nader had as much success going after corporate welfare as he has had going after the auto industry when they refused to put seatbelts in cars and helping the current president to get elected.

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when I wrote in Nader, it was a toss up between Bush or Nader. No freakin' way I was going to vote for that lying, scumbag, Kerry.

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Originally Posted by Polkovnik_Alex

Do you know how much NYC makes off the Yankees in taxes? This money will be paid back in the first few years of New Yankee Stadium... The stadium itself is a tourist attraction and hires a lot of people. The Yankees aren't mooching off NYC, if anything it's the other way around.

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I think that the city of New York ought to make the Yankees license the name New York from them or stop using it.

LOL!

Now that would be poetic justice!
:D

News: Hating Yankees doesn't cure your impotency. Try Viagra or Cialis

.... as again, my not so humble opinion. Metsguy234 needs to take those in hourly basis:p:p:p:p:p:p

The article i read about this stated that the legal limit for the bonds being used has been reached. and that if the limit was upped the city would gladly cough it up ,
as well as coughing up 400 mil more for the mets and the nets as well.

ie its not yankee specific .

Yeah, this is going to come up again in the near future when it comes to the Nets, especially, but also the Mets. Just to be clear, I'm not protesting this because it's the Yankees, I'm protesting this because I don't think it's right for so much public money to be thrown in to a privately owned project that will never give it all back.

Yea, I agree.

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Originally Posted by mcloving

news: Hating Yankees Doesn't Cure Your Impotency. Try Viagra Or Cialis

.... As Again, My Not So Humble Opinion. Metsguy234 Needs To Take Those In Hourly Basis:p:p:p:p:p:p

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Lol

Interesting Article.