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December 11, 2008

Taxpayers beaned at Yankee stadium

Posted: 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.

ALT TEXT

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.

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rojer   December 11th, 2008 9:29 am ET

Enough.......Taxpayer handouts! We out here in the real world have to live within our means....(Well mostly) These sports teams need to take an example from the "Big Three" . ticket prices,over exposure on TV, over priced, Drug use and abuse. childish behavior ...and it goes on and on....

Enough.........!!!!!!

Stacy H   December 12th, 2008 12:55 am ET

I have thought about this long and hard last night. When will there be a person who comes out and says thank you to that bank that called and said don't worry about the sheriff removing you from your home we have billions and we are going to take care of what you owe and make it possible for you to stay in your home until you are dead, this bank would also like to thank everyone for the billions you have given us and we will make it a loan worth your while.(that is the bank I would like to know) I would like to know where did that 350billion go? If it was spent in spite of where it should have been spent we should demand it back! Just spread that 350 billion amongst the general population and we will get a real return! Hopefully the remainder of the 700billion will be passed on to better hands! I have seen to many crying families that are being force out of their homes into homelessness! Just give them a few thousand and I would bet you will get a good return unlike what we are getting in return from wallstreet and the banks!

Thank you,
SOS

George M.   December 12th, 2008 10:35 am ET

These guys belong beside O. J. Simpson. Arrogant, ignorant, and you can add greedy.

Gregg in Tahoe City CA   December 14th, 2008 7:08 am ET

Good morning Rafer....Professional white-collar Gangsters...sitting in their board rooms, dreaming up scams to apease their own personal agendas...asking for money to build a stadium??..offering millions to baseball players..heck I can play baseball...all of this taking place as if the world was a bed of roses, and nothing is wrong!!!...corporate America has become the proverbial "beast" of modern society...they know it and DON'T CARE...greed and profit are the only motivating factors here....."end of days"...

Stacy H   December 15th, 2008 3:17 am ET

I have come to the conclusion Wall Street is still betting on people and to loose their homes. The banks are not helping because it is only going to get worse. All the bailout money is not going to help anyone but Wall Street and the Banks. President Bush has the same mental affliction as Blagojevich and has no respect for Iraqi people or the average American. We will also find out probably less than a year from now we are already in a depression. Global warming is now just showing us a taste of what can happen. So please lets ask some experts what do we do now and where if anywhere can we go from here.
Stacy H

CN   December 15th, 2008 11:33 am ET

I think they have a lot of nerve. With the economy the way it is sports should be the last thing we give a hand out to. Some people are losing their homes and wondering where their next meal is coming from and these sports teams want a free ride. I think they get enough, let them give back in the form of taxes.

MDRYER   December 19th, 2008 10:32 am ET

So I see the Yankees are at it again.... obviously the luxury tax isn't putting a stop to teams like them from buying every player out there... how are the Royals and Reds supposed to compete with the Yankees for plaers? they just spent a quarter BILLION dollars on two pitchers and are looking to spend more.... and with the new Yankee Stadium and the TV Network it looks like they are just going to get richer... maybe the new players should wear Phiten gear to help the money flow through there veins faster seems as hopw its just being injected in them anyway.... the Yankees might as well make as much as possible because the weight of the taxes must be huge!!!! So unless Phiten in Japan wants to pitch in I say New York needs to stop taxing the people just so they can set records.. especially in these economic times!!!!

James Holt   December 20th, 2008 10:58 pm ET

Well we all know you can't get blood from a turnip, but the government is sure squeezing all the turnip juice they can out of the TAX TURNIP! Go ahead and give the money to build the stadium, and to give out millions to the ball players so they can get more cars, and more homes to not live in. Then we can see them cry when the games and the new stadium is shut down because the TURNIP WENT DRY and no one can afford to go see the players play because we are to busy buying dinner for AIG!

Craig   December 27th, 2008 9:50 am ET

If they want a stadium then the owners can build it. They are good for it im sure!

mr,jackie easton   February 19th, 2009 12:50 pm ET

a rod and all the fakes who got caught with him give the sport a bad name,the sport banned rose for gambling,steroid use is cheating period!this is worse than what rose did we should do whats rite and ban all the cheaters we can catch

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