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Posh New Stadiums Victims of Bad Timing

Recession means few takers for box seats for Yankees, Mets, Cowboys

By Gabriel Winant,  Newser User

Posted Mar 6, 2009 9:59 AM CST
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(Newser) – When the Mets, the Yankees, and the Cowboys decided to build staggeringly expensive stadiums, they didn’t realize what kind of economy the arenas would open their doors to. The Wall Street Journal reports that the amenities-heavy fields, laden with luxury-boxes and steakhouses, are struggling to fill their swanky suites. "Build the most expensive stadium, charge high prices and have the worst economy. It's called lack of sleep," says the Yankees’ COO.

Two-thirds of team revenue comes from corporate sponsorships, naming rights, and luxury boxes. But bailed-out Citigroup is taking flak for seeking to sponsor the new Mets stadium (with reservation-only restaurant and a wine bar) and Bank of America canceled a deal with the Yankees, citing “the mood of the country.” Meanwhile, the Cowboys' hopes of instant sell-outs for their $1.1 billion monster (high-end offerings include cognac-glazed Kobe beef) have yet to materialize.

This file artist's rendering, provided by the Dallas Cowboys, shows an interior view of the Cowboys' new $ 1 billion football stadium in Arlington, Texas.
This file artist's rendering, provided by the Dallas Cowboys, shows an interior view of the Cowboys' new $ 1 billion football stadium in Arlington, Texas.   (AP Photo/Dallas Cowboys, File)
The new Yankee Stadium, still under construction, right, is seen from the New York Police Department's Super Surveillance Helicopter, next to the current stadium, Tuesday, May 6, 2008, in New York.
The new Yankee Stadium, still under construction, right, is seen from the New York Police Department's Super Surveillance Helicopter, next to the current stadium, Tuesday, May 6, 2008, in New York.   (AP Photo/Mary Altaffer)
Pitchers CC Sabathia, left, and A.J. Burnett, the latest New York Yankees, pose for photographers on the field at the new Yankee Stadium in New York, Thursday, Dec. 18, 2008.
Pitchers CC Sabathia, left, and A.J. Burnett, the latest New York Yankees, pose for photographers on the field at the new Yankee Stadium in New York, Thursday, Dec. 18, 2008.   (AP Photo/Kathy Willens)
This file photo of Tuesday, Dec. 2, 2008 shows the New York Mets' new stadium with a Citi Field logo on prominent display.
This file photo of Tuesday, Dec. 2, 2008 shows the New York Mets' new stadium with a Citi Field logo on prominent display.   (AP Photo/Frank Franklin II, File)
This file photo of Tuesday, Dec. 2, 2008 was taken at the New York Mets' new stadium with a Citi Field logo on prominent display.
This file photo of Tuesday, Dec. 2, 2008 was taken at the New York Mets' new stadium with a Citi Field logo on prominent display.   (AP Photo/Frank Franklin II, File)
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Let's face it, if you're taking TARP funds, it's really hard to justify getting a [luxury] box. - Neal Sroka, real estate agent who helps the Yankees sell box seats

I'd rather be opening up a new stadium in this economy than trying to sell seats in the old Shea. - Jeff Wilpon, co-owner of the Mets

Literally, my words were, 'Are you f- kidding me?' - Yankees fan Jay Jaffe, on new ticket prices

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COMMENTS
Showing 3 of 4 comments
Chudluv
Mar 6, 2009 2:58 AM CST
Nice post...totally agree with you. Lets add this quote "Jones said he was a victim of bad timing, but expects the market to recover." Muahaha right!
wwwonderer
Mar 5, 2009 11:15 PM CST
All this was possible during "the good years". Spend, spend, spend. Consume, consume, consume. American way of life is about more, and more than YOU. Look how the Texas philosophy has infiltrated the political landscape. I love seeing Ari Fleischer respond in 2001 to the question does the president think we should be more fuel efficient and reduce the amount of big SUVs on the road. It was swagger and bravado, and he responded something to the effect that big gaudy things was the right and privliedge of the American way of life. Hey guess what. If Starbucks can't sell $7 coffe, you probably won't be able to sell. $40 steaks, to people that already paid $100 just to get in the restaurant. See even the wealthy are suffer as their investments disappear in swindles and the inflated ,exaggerated value of their real estate assets come back to realistic levels, even if their real-estate debts don't. It's not just poor people in that 8.1 million unemployed now. Let's think about it. We chastise the financial gurus for screwing us AND making millions. I love the NBA and am a basketball fan. But do we need to pay these athletes millions per year? I just think EVERYBODY's industry needs to take a look and scale back, including mine. Our economy depends on it. Case in point. My mother has 4 sisters and 5 brothers. If octomom needed assistance raising 6 infinant, what do you think will happen with 14? Most families, since the 1980s, couldn't afford to raise 4 children, let alone 10. Our country is in the crapper, yet everyone is out for self.
Observer
Mar 5, 2009 10:59 PM CST
Who are you kidding - Jerry Jones will make another billion off the taxpayers backs. Wait and see amigos.

NFL: No plans to cut back on 2011 Super Bowl at Cowboys stadium
Dallas Morning News

 
Dallas Cowboys • New York Mets • New York Yankees • Yankee Stadium • stadium • Shea Stadium

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