Yankees hope to break ground next spring

6/16/2005 - New York Yankees

NEW YORK -- Babe Ruth got a short right-field porch in the
original Yankee Stadium. Alex Rodriguez won't be getting similar
assistance in New York's new $800 million ballpark.
"A-Rod doesn't need any help," Yankees owner George
Steinbrenner said Wednesday as the team unveiled plans for the
ballpark it hopes to move into in 2009.

Flanked by New York City Mayor Michael Bloomberg and New York
Gov. George Pataki, Steinbrenner did not make a formal statement
but responded to questions. Since he bought the team in 1973, the
Yankees had examined several ballpark alternatives, including a
move to New Jersey or to Manhattan's West Side -- the site where the
NFL's Jets hoped to have a stadium before the plan collapsed this
"We've had a lot of different things in front of us, whether we
go over to there, over here," Steinbrenner said. "But we decided
to stay in the Bronx and do the job for the Bronx."
Much of the hour-long news conference was dominated by
politicians congratulating each other for the plan, which the
Yankees hope gains approval in the fall from the state Legislature
and City Council. The new ballpark will be just north of the
current stadium, which opened in 1923, and the Yankees hope to
break ground next spring.
"They're not the Westchester Bombers, they're not the Manhattan
Bombers, they're certainly not the New Jersey Bombers," Pataki
said. "They're the Bronx Bombers and they're going to be in the
Bronx for a long, long time to come."
It will be just the third privately financed stadium in the
major leagues since Dodger Stadium opened in 1962, joining the San
Francisco Giants' new ballpark (2000) and the park the St. Louis
Cardinals are to move into next year.
Working with Goldman Sachs and Bank of America, the Yankees
intend to pay for the ballpark by having a local development
corporation created by the city and state issue 40-year tax-free
bonds. The bonds will cost about $50 million annually for the team
to pay off, with the exact depending on interest rates at the time
of the issue.
The team estimates its annual stadium expense will increase from
$22 million to $68 million, money that will be deducted from its
locally generated revenue when calculating revenue-sharing payments
to major league baseball.
Assuming the revenue-sharing rules don't change substantially
after the current collective bargaining agreement expires in
December 2006, the ballpark payments will cut the revenue-sharing
money some teams otherwise would receive.
"They may be the only unhappy people as a result of this
deal," Yankees president Randy Levine said.
Yankee Stadium is the third-oldest ballpark in the major
leagues, trailing only Boston's Fenway Park (1912) and Chicago's
Wrigley Field (1914). The Red Sox intend to keep improving Fenway.
"We can't spend all our time worrying about what might or might
not be in the Yankees' plans," Red Sox president Larry Lucchino
said. "I say, 'Good luck' to them. We chose a different path, one
that we think will enable us to compete with them, because money
ain't everything."
The Yankees unveiled a model of the ballpark, which on the
outside will be treated with limestone and resemble Yankee Stadium
prior to its 1974-75 renovation. It will seat from 50,800 to
54,000, with about 30,000 seats in the lower deck, an increase of
approximately 10,000. The field dimensions will remain as they are
currently, and the bullpens will be moved back to right field.
Monument Park will move to the new ballpark, and a stadium club
will be added above it.
Levine said the new ballpark also will be called "Yankee
Stadium," but that the team may sell naming rights and have the
ballpark called "Yankee Stadium at 'X' Plaza." Steinbrenner said
the team rejected having a retractable roof.
"There was a discussion, but the cost was very extraordinary,"
he said.
Yankees captain Derek Jeter didn't think the team would lose any
of the advantage it holds at Yankee Stadium.
"It's the team, it's the stadium, it's the atmosphere," he
said. "It's going to be a new stadium, but it's going to be the
same atmosphere."
Tampa Bay manager Lou Piniella, a former Yankees manager and
player, said a new ballpark was in order.
"It's been a wonderful place -- and it still is -- to play. But
for fans' convenience and the luxury suites and all those things,
yeah, I think it's time," he said.
Because the new stadium is in what currently are Macombs Dam and
John Mullaly parks, the city will spend $135 million to develop 28
acres of new parks and sports facilities, including six acres along
Harlem River. The current Yankee Stadium field will be used for
Little League, high school, college and softball, and the dugout
and some stands might be kept.
There also will be tennis and handballs courts, a basketball
court with bleachers and soccer field surrounded by a running track
and seating.
The state will spend $70 million for four parking garages that
will increase parking from about 7,000 to approximately 11,000.
Bloomberg, who announced a new ballpark for the Mets on Sunday,
said the city had spent $30 million on Yankee Stadium upkeep over
the last five years and would realize $350 million in revenue and
savings from this deal over the next 30.
In New York, lawsuits and construction delays often postpone
openings. Even if the ballpark is ready in 2009, that's a long time
away for many.
"I could be three teams removed by then," Red Sox manager
Terry Francona said.