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.
(Read more New York Yankees stories.)