A Bronx Tale: Yankees Setting Records In Revenue
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Yankees Sees 20.5% Increase In
Gate Receipts During '07 Season |
The Yankees’ total revenue has “reached record levels,” according to the N.Y. DAILY NEWS' Juan Gonzalez, who cited documents obtained under a FOIA request that “provide a rare look at the Yankees formidable cash-generating operation.” Last year, the team “grossed a record” $188M in gate receipts, a 20.5% increase over the ‘06 season. As recently as ‘04, the Yankees reported total gate receipts of $122M, “half of what they are projecting for next year” in the team’s new ballpark. Factoring in other revenue streams like concessions and income from the cable TV rights, total income surpassed $319M in ‘07. The team's annual rent report filed with N.Y.’s Parks Department shows the franchise in '07 netted $65.3M in concessions. The Yankees also last year paid the city $14,976,488 for rent. Once the team moves into its new ballpark, the “city will get nothing in rent,” because the team will own the new facility outright, and the team also will "pull in more from concessions because they will be run in-house, rather than be contracted out." In addition, the Yankees “won't have to make public their finances, since they will no longer be required to file an annual rent report with the city” (N.Y. DAILY NEWS, 5/19).
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