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Damn, Damn Yankees . . .

So not only did the Yankees use their planning money to lobby the city but they went ahead and deducted more than allowed from that $5 million credit so that now the city has to go after the team for what is, in effect, “back rent”:

The Yankees have agreed to fork over $11 million to the city in back rent — money the team probably would have preferred to spend on an ace starting pitcher for next season.

The team underpaid the city the equivalent of Mike Mussina’s salary between 2003 and 2006, according to an audit by City Comptroller William Thompson.

Under the team’s rental agreement, the Yankees pay the city a percentage of all revenue from tickets, parking and cable television, officials said.

During that three-year period, the team took in more than $1 billion and paid the city $17 million.

But according to the audit, the Yankees improperly deducted costs above and beyond the $5 million permitted for planning for the new stadium.

More than $9 million was improperly deducted for stadium planning in 2006.

The team also low-balled its gross revenue during the three years, costing the city another $2 million, the audit states.

Posted: November 7th, 2008 | Filed under: Architecture & Infrastructure, Follow The Money, Grrr!
$16 Million Represents 3.5 Percent Of The Infrastructure Improvements The City Implemented In Connection With The Two New Baseball Stadiums* »
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