Only $100 million dollars. That’s the cagey sell from the only convict to own a baseball team. So we should trust his word. Anyway, just as the RPA observed when they opined that investing in the Jets stadium, one of the oft hidden cost to team subsidies is that, like whiny teenagers, when you hand money to one of them, the other ones put their hand out. So we’ve got Bobby angling for $600 million, Brucey making his way towards about $200 million, which makes the fairest of them all, George, seem like the cute and precocious one (sort of like the Oliver of New York owners). Figure that the Dolans and Fred Wilpon can squeeze the city for at least that much (and what about the Giants? when do they get theirs?), we’re looking at over a billion dollars to help out businesses that all make a profit, even by the shady accounting practices they employ, and that aren’t going anywhere. No chance. This isn’t Baltimore, fer chrissakes; each one of those teams would lose half their market value outside of this metro area. Local television contracts, higher ticket prices, and increased merchandising sales are calcuable amounts, not the speculation of some blowhard in the back pages of the Post whining about the Dodgers and heartbreak.
The details are fuzzy: the city and state would pitch in for a new Metro-North stop, and highway improvements, but the status of the existing stadium is unclear: it might be parking lot, it might not. If not, the team isn’t planning to build one. No one says if the city’s portion includes cost of a parking structure. No one says how maintenance and upkeep of the unused stadium will be finanaced. No one is even bothering to justify the revenue grab this callously represents: even though the Yankees have the highest attendance in baseball, they are cutting 6,000 seats in this plan, since the benefit of luxury boxes will more than make up for sticking it to those who brought you. The kicker is that the Yankees won’t be paying for any of it. They will instead get credit against their revenue sharing contribution to MLB, getting to subtract the $40 million debt service from their yearly Bud Selig induced tax; last year, their share was $60 million, which means, basically, that if they hold steady with earnings, they could pay for all of the new stadium. So the city is hedging the Yankees future earnings potential (which is further offset by the fact that if the Yankees earnings dropped enough, they would get a net benefit from revenue sharing). Man, with deals like this, its amazing George was so sloppy as to get arrested.
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Bronx cheer.
Only $100 million dollars. That’s the cagey sell from the only convict to own a baseball team. So we should trust his word. Anyway, just as the RPA observed when they opined that investing in the Jets stadium, one of the oft hidden cost to team subsidies is that, like whiny teenagers, when you hand money to one of them, the other ones put their hand out. So we’ve got Bobby angling for $600 million, Brucey making his way towards about $200 million, which makes the fairest of them all, George, seem like the cute and precocious one (sort of like the Oliver of New York owners). Figure that the Dolans and Fred Wilpon can squeeze the city for at least that much (and what about the Giants? when do they get theirs?), we’re looking at over a billion dollars to help out businesses that all make a profit, even by the shady accounting practices they employ, and that aren’t going anywhere. No chance. This isn’t Baltimore, fer chrissakes; each one of those teams would lose half their market value outside of this metro area. Local television contracts, higher ticket prices, and increased merchandising sales are calcuable amounts, not the speculation of some blowhard in the back pages of the Post whining about the Dodgers and heartbreak.
The details are fuzzy: the city and state would pitch in for a new Metro-North stop, and highway improvements, but the status of the existing stadium is unclear: it might be parking lot, it might not. If not, the team isn’t planning to build one. No one says if the city’s portion includes cost of a parking structure. No one says how maintenance and upkeep of the unused stadium will be finanaced. No one is even bothering to justify the revenue grab this callously represents: even though the Yankees have the highest attendance in baseball, they are cutting 6,000 seats in this plan, since the benefit of luxury boxes will more than make up for sticking it to those who brought you. The kicker is that the Yankees won’t be paying for any of it. They will instead get credit against their revenue sharing contribution to MLB, getting to subtract the $40 million debt service from their yearly Bud Selig induced tax; last year, their share was $60 million, which means, basically, that if they hold steady with earnings, they could pay for all of the new stadium. So the city is hedging the Yankees future earnings potential (which is further offset by the fact that if the Yankees earnings dropped enough, they would get a net benefit from revenue sharing). Man, with deals like this, its amazing George was so sloppy as to get arrested.