According to reports on ESPN.com, Mayor Bloomberg’s administration will just have to pay like every one else. They are not getting the luxury boxes they were hoping to obtain from the Yankees or the Mets when negotiations were being conducted for the funding of the new ballparks back in 2006.
The reason being the huge budget crisis in New York. I’m sure the federal investigations had something to with it as well.
Both teams have asked for more funding from the city since the ballparks have come to a little more than expected. The Yankees are seeking “$259 million in tax-exempt bonds and $111 million in taxable bonds” more, while the Mets are only seeking $83 million.
There will be a hearing conducted to determine if the funds will be approved.
I do not think it should be. Both organizations have already received their funds. They should make do with what they have and that’s it. With the city in a crisis, there is no money to continue funding these stadiums.