Yankees Inquire About Further Funding For New Ballpark
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Yankees Looking For Additional
Funding For New Ballpark |
The Yankees have informally approached N.Y. officials "seeking increased public financing to build their new stadium," according to Frazier & Kelleher of NEWSDAY. N.Y. Economic Development Corp. President Seth Pinksy "stressed that the discussions with the Yankee organization have been 'informal inquiries' and not 'intensive negotiations.'" Pinksy also noted that under current IRS regulations, the Yankees are "not permitted to receive the financing on a tax-exempt basis." But city officials are working with the Yankees to "seek a release from that regulation." New York state Assemblyman Richard Brodsky indicated that the Yankees said that if they don't get another $400M in public financing, the stadium "might not reach completion." The $1.3B ballpark is scheduled to open next year. Yankees COO Lonn Trost: "We are going to borrow additional funds. I think we made that clear a while back" (NEWSDAY, 6/12).
NO AFFECT ON COMPLETION: In N.Y., Lucadamo & Hutchinson report about $941M in tax-exempt public bonds have already been issued for the ballpark. N.Y. officials said that the Yankees "would like more tax-exempt public financing to finish their new Bronx stadium but are vowing to complete the project with or without the extra money." Yankees President Randy Levine: "This will not affect the completion of the stadium" (N.Y. DAILY NEWS, 6/12). The AP's Cathy Burke writes, "In a worse-case scenario, the Yanks could seek taxable financing, as opposed to tax-free bonds to complete the project." But Pinksy noted that the IRS would have to "reverse a regulation prohibiting more public debt from being incurred for the ballpark." Pinksy said that if the IRS "signs off, 'we would be willing to consider the option'" (AP, 6/12).
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