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December 11, 2008 Taxpayers beaned at Yankee stadiumPosted: 09:12 AM ET
Sports Anchor Rafer Weigel It looks like taxpayers are getting hit again ... at least in New York anyway. Both the Yankees and the Mets have asked the city for hundreds of millions of dollars in tax-exempt public bonds to build their new stadiums while throwing out huge deals to new players.
The most lucrative contract ever awarded a pitcher ... in these times. Will it all blow up in the Yankees' face? Now, I'm all for the free market and signing marquee players. But while they're handing out contracts with one hand, the other one is going "brother can you spare a dime?" The Associated Press, citing New York City's Economic Development Corporation, said the Yankees filed a request for an additional $259 million in tax-exempt bonds and $111 million in taxable bonds to fund its new $1.3-billion stadium in the Bronx. That's on top of the $965 million in bonds the team has already received. The additional cost to the public for the use of tax-exempt bonds is estimated at about $16 million–about seven million dollars less than the team will pay new free agent acquisition C.C. Sabathia who was just awarded a 7-year, $161 million dollar contract. That's right, while taxpayers will put up more money to build PRIVATE stadiums in the greater New York area, the Yanks broke the bank awarding the richest contract ever to a pitcher. And they're not the only ones borrowing and spending like a certain lame-duck President. The Mets have their hand out too asking the city for $83 million to finish their new park in Queens. This after they just awarded $37 million to former Angels closer Francisco Rodriguez, and after already receiving $615 million for their $800 million dollar park. And, as if this just doesn't make perfect symmetry, the company that paid millions for the naming rights to the park? Citigroup, which just got $45 billion in a tax-payer funded bailout. Make sense? I think not. Posted by: Sports Anchor Rafer Weigel
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