The deal involving the Yankees’ proposed new $800 million ballpark to replace venerable Yankee Stadium by 2009 is a stroke of genius.
Under the agreement, the Yankees “will pay for the stadium on its own, and the cost of paying off the bonds used to raise the money will be deducted from the Yankees’ locally generated revenue. That will lower the Yankees’ revenue sharing payments to the commissioner’s office.”
So instead of paying full revenue sharing to Major League Baseball in order to help bolster “poorer” teams in smaller markets, Steinbrenner gets to choke the competition, while building wealth as he reduces debt and builds cash flow with 60 new luxury suites.
Ka Ching
I think Democratic champions of the poor like Supervisor John “Pitbull” Gioia, Congressman George Miller, and New York State Attorney General Eliot Spitzer should look into this brazen act of heartless, class warfare against the downtrodden and oppressed… like the SF Giants!