Yankee Stadium seeks $350M more public bonds-Reuters

NEW YORK (Reuters) - "The New York Yankees baseball team wants a city agency to sell $350 million of bonds for its new stadium or else it will not be able to complete the project, state Assemblyman Richard Brodsky said on Tuesday.

• The Internal Revenue Service, however, would have to approve the new bond sale. The federal tax agency cracked down on financing these types of projects with tax-exempt debt after the Yankees got a waiver for the first sale of debt for their new stadium in the Bronx, the Westchester Democrat said.....

He added: "These deals are usually negotiated secretly, with little accountability or public oversight, and directly or indirectly leave taxpayers on the hook." (article by Joan Gralla)

• (P.S. Randy Levine says the Stadium will still be built, according to the article. He doesn't mention whether it will crumble rapidly due to numerous Red Sox garments and such being mixed with the concrete, stuffed in elevator shafts, etc.). sm

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