Bloomberg Signs Sabathia

6:00 PM -- Well, they missed the postseason (we wipe away a tear), but Christmas has come early for Yankee fans, with the bloated contract soon to be signed by the bloated CC Sabathia. The New York Times has some relevant financial details:

    With opening day for the city’s two newest baseball stadiums only four months away, the price tag for taxpayers continues to rise.

    The Bloomberg administration has issued fresh estimates for utility work, lighting and the cost of replacing the parks and ball fields that once stood where the new stadium for the Yankees is being erected.

    The city also plans to issue $341.2 million in additional tax-exempt bonds on behalf of the Yankees and Mets to complete the stadiums, whose combined cost is about $2.2 billion.

    The teams are responsible for paying off the bonds, but they pay tens of millions of dollars less in interest because payments to bondholders are exempt from city, state and federal taxes.

    The city and the state are also investing more than $660 million in parks, garages and transportation improvements around the stadiums and are providing the teams with an estimated $500 million in tax breaks related to construction materials and other items...
Heck. For a city with a $4 billion deficit, $160 million for a pitcher, especially one that enormous, is chump change. And we're the chumps.

— Larry, New York Monkey, Light Reading

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