The Yankees improperly deducted more than $11million from their annual rent bill for Yankee Stadium over a four-year period, city Controller William Thompson has found.Thompson, who will make a formal announcement about the Yankee bill today, said the team has agreed to pay it all back - with interest.
The richest franchise in baseball overstated expenses by more than $24 million from 2003 to 2006, which allowed it to underpay its rent bill on the city-owned stadium, Thompson's year-long audit found.
The team also wrongly deducted from that rent nearly $10 million in planning costs for the new Yankee Stadium, the audit says.
Ever since 2001, the city has let the team deduct up to $5 million a year from its annual rent to pay for planning costs for the new stadium, which is scheduled to open in April.
Thompson said team executives took more than $9 million in planning cost deductions in 2006, even though they had already claimed those same deductions in previous years.
They also deducted nearly $1 million from rent in 2005 for new stadium planning costs that Thompson found "inappropriate."
Yankees took $11 million in improper rent deductions
Jim Dwyer gives the mayor a penful:
The full reckoning on Mr. Bloomberg’s judgment about these major investments of public funds will most likely not come for a few years, long after he has run for a third term as mayor by arguing that he has been the wisest and steadiest of stewards — just the man for the city during hard financial times.
For Yankees, Mayors Play Ball at City’s Expense
3 comments:
What more does anyone need to know to conclude that Commissar Death and Taxes is just another cheesy liar and corrupt crony of the very wealthy?
We permit this dwarf to remain in office, then all the money stolen is entirely our fault!
The Yankee Organization can afford to field a team with a payroll of +200 Million - highest in baseball and located in the biggest $$ media market. We call the shot - pay up or get out - leverage our advantages Mr Mayor!
Would anyone like to comment on the fact that both stadiums are being built with a smaller seating capacity. I understand that the new facility for the Mets will contain 12,000 fewer seats. Is this true? If the city's population is growing, why are the stadiums shrinking...and costing taxpayers plenty of $$$ to boot? Seems like a hose job to me. And please don't suggest watching the games on TV because most of the regular season games are not free any more...just cheaper than a trip to an overpriced new stadium!
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