Yankees Owe City $11 Million In Rent

Wednesday, January 14, 2009

The Yankees owe the city more than $11 million in back rent on their old stadium. This is according to an audit by City Comptroller Bill Thompson.

The baseball team was allowed to deduct $5 million a year in stadium planning costs, but Thompson says they deducted far more than that, and sometimes improperly including bonuses and contributions to a political action committee.

The Yankees said in a letter included in the audit that they accept the findings and will pay the outstanding amount -- plus interest -- by March 10th.

Thompson also is criticizing the city's decision to authorize $370 million more in tax-exempt bonds to complete the new Yankee Stadium, which will open in April.

Thompson, who is challenging Mayor Bloomberg in the election later this year, says the city's contribution to the new ballpark has increased by $325 million because of poor planning. A Bloomberg spokesman has not responded to a request for comment.


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