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The Evil Empire wants you to pay for their stadium

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The Evil Empire wants you to pay for their stadium

Postby ChipaDub » Thu Sep 18, 2008 3:49 pm

Congressional panel rips Yanks, NYC over new stadium's financing
"In the case of the new Yankee Stadium, not only have we found waste and abuse of public dollars subsidizing a project that is for the exclusive benefit of a private entity, the Yankees, but also we have discovered serious questions about the accuracy of certain representations made by the City of New York to the federal government," Kucinich said.

The panel's investigation found "substantial evidence of improprieties and possible fraud by the financial architects of the new Yankee Stadium," he added.

he panel did hear from New York State Assemblyman Richard Brodsky, an outspoken critic of the deal, who charges that between $550 million to $850 million in taxpayer money has been committed to the project.

Brodksy's charges, based on city, IRS, and Yankee documents, include:

• The city manipulated the assessed value of the stadium to meet requirements for an IRS tax exemption. That included using comparable land values in Manhattan rather than the Bronx to come up with the value for the new property.

• City officials didn't disclose their purchase of a luxury box and extra game tickets and apparently there is no city policy on their use.

• The $366 million in additional funding sought by the Yankees to complete the stadium would be for a large video screen, not structural costs.
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Re: The Evil Empire wants you to pay for their stadium

Postby jfg » Thu Sep 18, 2008 3:52 pm

Why on earth do the Yankees need public financing? That's sick! I was under the impression that Steinbrenner was paying for it all out of his own pocket.
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Re: The Evil Empire wants you to pay for their stadium

Postby StlSluggers » Thu Sep 18, 2008 3:59 pm

I got $5 on that.
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Re: The Evil Empire wants you to pay for their stadium

Postby knapplc » Thu Sep 18, 2008 4:09 pm

Not just for the Yankees but for any team building a stadium and using public funding - I'm against this practice entirely unless the company agrees to stay in that town. When a team can pick up and leave at their whim (Colts, Rams, Cardinals, etc.) then there's NO WAY tax dollars should be used for those buildings.
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Re: The Evil Empire wants you to pay for their stadium

Postby jfg » Thu Sep 18, 2008 4:25 pm

Absolutely. Once an owner takes public money that team is firmly planted or should be. There really should be federal legislation on this. The cities are in a spot where they have their hands tied because the owner has another city who will give them public financing and nobody should be able to take advantage of the taxpayers like that.
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Re: The Evil Empire wants you to pay for their stadium

Postby RugbyD » Thu Sep 18, 2008 4:58 pm

To my knowledge there has never been a single publicly financed stadium that achieved the purported benfits that justified the public financing. It's a scam no matter how long the team stays.
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Re: The Evil Empire wants you to pay for their stadium

Postby Amazinz » Thu Sep 18, 2008 5:53 pm

The Yankees probably could have avoided many of these problems if they had sold the naming rights. Mets got $400M. You know the Yankees would have gotten a lot more.
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Re: The Evil Empire wants you to pay for their stadium

Postby sblinyy » Fri Sep 19, 2008 6:25 pm

Amazinz wrote:The Yankees probably could have avoided many of these problems if they had sold the naming rights. Mets got $400M. You know the Yankees would have gotten a lot more.


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