Yanks Close in on New Home

From the NY Times:

The New York Yankees are reportedly close to an agreement with city and state officials to build a new stadium.

The New York Daily News reported in its Saturday edition that lawyers from the city, state and team are finalizing a “memorandum of understanding” and an official announcement could come as soon as early May.

According to the report, the new stadium will be made up of two separate structures: an exterior wall, designed to replicate the original Yankee Stadium built in 1923, and the interior stadium itself, which will rise above the exterior.

According to the report, the Yankees will finance the construction of the structure and the state of New York will kick in cash for various bits of infrastructure and public works projects around the stadium (if state and local governments need to give subsidies for projects around ballparks, that should tell us something about the development value of sports stadiums).

With the resistance to public funding for construction of the stadium around the country, the Yankees and the Red Sox are apparently focusing their efforts on getting infrastructure subsidies. Are these signs of any kind of trend or are these just aberrations?

Here are some thoughts on the Yank’s stadium issue from the Hardball Times. HT to the Bench Jockey for the Hardball Times link.

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Author: Phil Miller

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