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September 22, 2008
Foul Ball: Congressional Committee Criticizes New Yankee Stadium Deal
The AM Law Daily
by Brian Baxter
Ohio congressman and former Democratic presidential candidate Dennis Kucinich is not a fan of the New York Yankees.
Before the historic baseball franchise closed out its last game at Yankee Stadium on Sunday night with a 7-3 victory over the Baltimore Orioles, North America's most successful professional sports team was the target of political vitriol during a Capitol Hill hearing on Thursday.
Kucinich, chairman of the House Oversight and Government Reform Committee, claimed that the Yankees and New York City officials had conspired to misrepresent the value of city land to the IRS for purposes of obtaining sweetheart tax deals from the federal government for the construction of a new stadium in the South Bronx.
NoLandGrab: The article cites unidentified "lawyers with experience in stadium financings" who defend the Yankees and the practice of tossing subsidies at sports teams, but many years of experience have shown that doing so has little economic benefit — except, of course, for "lawyers with experience in stadium financings."
Posted by eric at September 22, 2008 3:38 PM