Stadium Discussion
- Thread starter Gene
- Start date
And yet theirs could be just down the street and it'll still take over an hour to drive to it....
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Two reasons why I doubt this debt restructuring is for an NYCFC stadium:
1) I get every sense that the Yankees don't view this as a long-term partnership. They seem to want out and tying up money in a stadium would make this a long-term marriage, and 2)
2) I still do not think this City will ever allow the royal family of the United Arab Emirates to benefit (either directly or indirectly) from City-issued tax-exempt bonds. The headline risk (and front page of the Post photoshopped picture risk) is just too high for any Mayor to take on.
And PS -- I thought people writing that the Jets would abandon the stadium they poured hundreds of millions of dollars into for a shared stadium were rock-bottom, but thinking the Yankees would reconfigure Yankee Stadium to make it more like the multi-sport monstrosities of the 60s and 70s could be the most unhinged thing I've seen on this site.
1) I get every sense that the Yankees don't view this as a long-term partnership. They seem to want out and tying up money in a stadium would make this a long-term marriage, and 2)
2) I still do not think this City will ever allow the royal family of the United Arab Emirates to benefit (either directly or indirectly) from City-issued tax-exempt bonds. The headline risk (and front page of the Post photoshopped picture risk) is just too high for any Mayor to take on.
And PS -- I thought people writing that the Jets would abandon the stadium they poured hundreds of millions of dollars into for a shared stadium were rock-bottom, but thinking the Yankees would reconfigure Yankee Stadium to make it more like the multi-sport monstrosities of the 60s and 70s could be the most unhinged thing I've seen on this site.
I've only heard negatively shaded comments from the Yankee organization. Nothing even remotely positive that's not in a press release.
The Sheik can buy out the Yankees ANYTIME he wants. They use NYC to get the funding/deal done then buy them out when we are out of YS.........
You mentioned the Yankees not wanting a long term relationship due to the financing. The Sheik has the financial resources to end the relationship when/if he ever feels like buying the Yankees out.
Just to return to the stadium naming question: The White Sox will be playing at Guaranteed Rate Stadium. Camping World and Smoothie King are bad, but this might be a new low in stadium names....
https://www.dnainfo.com/chicago/201...lar-field-changing-name-guaranteed-rate-field
https://www.dnainfo.com/chicago/201...lar-field-changing-name-guaranteed-rate-field
This is how sci-fi dystopias start, dammit!
I also thought you meant they'd buy the Yankees.
The city will not allow the Yankees to borrow tax -exempt to build a stadium for the Kamakura, regardless of how anything is currently structured. Not a politician on either side of the aisle that would allow that.
I don't think a Yankee refinancing of Stadium bonds would affect the parking. Could be wrong, but I think the parking is separately owned and therefore separately financed.
I think you're right, and the only way they end up tied together is as part of a deal in which the CFG/Yankees joint venture gets favorable financing to both (1) build a stadium and (2) take over the parking garages. I'm not saying this is likely but it is conceivable. DB hates being stuck with the garage deal, but probably hates the original deal even more, and resents the idea hae has to give the bankrupt garage owner relief on back taxes to clear it up. Which is counterproductive because it just festers. It could make sense for CFG/Yankees to say we'll take the garages from the bankrupt corporation and pay a higher percentage of the back taxes than you could ever hope to get from anybody else, so that's off your books. In return, you help us get a stadium approval and help us with financing that we use for both the garages and the stadium.
Again, I'm not predicting this. I'm just sort of spitballing for ideas that makes at least superficial sense.
You're not wrong. This was brought up to me and oh boy is there a backstory there.
I'll spare you the details, for that you can read this, but long story short, it's held by a non profit-company from Hudson, New York, who have in the past defaulted twice on 10 year publicly financed bonds. The same ones they used to finance those lots.
So legally, the Yankees have no interest or legal responsibility in the parking lots/garages. These are the facts.
Now... onto the speculation:
It would appear given the pattern established by this company, that this group is set to default on another set of bonds.
That could mean just about anything, the Yankees could want money to buy the lot themselves before it goes up for auction at a bankruptcy hearing. Maybe they just want to refinance their own debt and are saying they intend to keep that many jobs. Maybe they want to build a condo or hotel across the street.
The fact of the matter is, we won't know much until they say specifically what they intend to use all of this money for. They've said they want to use a portion to refinance, that portion could be 95% of the money, or 1% of the money. Until we know these things it's all speculation.
I don't think that's the plan. I think the plan is to still build the stadium with private financing (cash or otherwise). It's about the land purchase. That's where we need the Yankees.
From reading the NYCEDC release, they will refinance the larger traunch of bonds ($950 Million) in full. They will then raise $94 Million I think and spread it around a re-finance of the second traunch and a reserve fund. Standard stuff
If I could get a lower rate on a big debt like that I would too. It makes the most sense, and that's what I think might be the ultimate conclusion from this but we won't know for sure until September.
