Friday, June 2, 2017

Yankees Have Lost $166 Million in Ticket Revenue

The New York Yankees built a new stadium across the street from their old, historic stadium before the 2009 season to a bag of mixed reviews. Some fans didn’t want to see the old stadium and all its history torn down in lieu of a new stadium while others welcomed the change. The Yankees presumably welcomed the change because of the added revenue a new stadium tends to bring a team and organization, well that was the plan anyway. That has not gone according to plan for the Bronx Bombers according to a report that ran in the New York Times this week.

According to the report the New York Yankees have lost a whopping $166 million in ticket and suite revenues since opening their new stadium back in 2009. These numbers have to be reported on since the tax payers of New York are helping to pay for the stadium. Here is the official press release:

"The financial figures, from the public filings the Yankees are required to make on their stadium bonds, represent a 42 percent loss in ticket and suite revenues over the last seven seasons. And despite the team's compelling play this season, attendance through the first quarter of their home schedule is down from the same point last year."
The drop-off in ticket and suite revenues also comes at a time when the team's expenses are still among the highest in baseball."

The average attendance at Yankee Stadium per game is 35,642 which is nearly 12,000 fans a night less from Yankee Stadium III’s highest numbers. Despite this the Yankees are still the most valuable franchise in all of Major League Baseball according to Forbes and the team also has the second highest payroll in all of MLB behind only the Los Angeles Dodgers.

We have a few former season ticket holders here… what are your thoughts? Leave them below in the comments section or drop us a tweet on Twitter by following @GreedyStripes. 

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Sorry for the Capatcha... Blame the Russians :)