Via Crain’s New York Business – with a hat tip to Neil Best:
The [Yankees'] revenues—already the highest in the sport, at an estimated $327 million last year—are poised to double almost immediately. This quantum leap will be driven by factors ranging from higher prices for tickets and hot dogs to increased revenues from the YES Network for game telecasts. There will also be new revenue sources, such as leasing out the new stadium for concerts.
“We do expect a good increase in revenue,” is all team President Randy Levine says.
More likely, the team will sell tickets for all or nearly all of the new stadium’s 52,325 seats for every game next year, just as the team has done at the current stadium for the past four seasons. Plug in the $74 average ticket price implied in the team’s 2009 projections, and the team’s seat and suite revenues should reach about $312 million next year.
The team also stands to collect another $70 million in annual revenues from operating the concession stands, based on the amount the current vendor, Centerplate Inc., says it generated from selling hot dogs and other essentials last year. The new stadium also will feature more places to buy food and shop for memorabilia.
So, that’s $380 million a year – and that does not include any YES revenue.
Remember that when the Yankees come out and say they need money have no choice but to go the PSL route…
5 Responses to “New Stadium Worth ~$400 Mill A Year For Yanks”
Leave a Reply
You must be logged in to post a comment.
August 5th, 2008 at 4:20 pm
http://www.youtube.com/watch?v=Sdj-g3wnj7U
Not sure about the nuts and bolts of the revenue sharing plan, but don’t the Yanks get to write stadium expenses off their revenue sharing bill?
They may actually get a revenue sharing check in the near future
August 5th, 2008 at 5:03 pm
Lets hope that they dont waste the extra cash on Kei Igawa types.
August 5th, 2008 at 6:14 pm
Don’t count your chickens before they hatch.
August 6th, 2008 at 10:38 am
Don’t count your chickens before they hatch.
——-
True, but still, I can’t help but imagine Hank & Hal (moreso the former than the latter), swimming in a vault full of cash next year, a la Scrooge McDuck.
August 6th, 2008 at 2:41 pm
It seems to me two things can happen:
The Yankees can blow up the salary structure and pass 300 million a year (contradicts the stated roster construction policy but on the other hand, no one said you can’t continue to develop pitching while, say, throwing 30 million a year at Teixeira).
Or
They can make up for the recent losses supposedly posted and start to provide an actual return to stockholders (the infamous “limited partners”) outside of the promise that the team’s value has skyrocketed since George took over.