Waste, Abuse and Fraud Alleged in Construction of New Yankee Stadium

Members of the House Oversight and Government Reform Committee are throwing out serious allegations of waste, abuse and fraud in connection with the construction of the New York Yankees’ new stadium.  Representative Dennis Kucinich stated as follows:

In the case of the new Yankee Stadium, not only have we found waste and abuse of public dollars subsidizing a project that is for the exclusive benefit of a private entity, the Yankees, but also we have discovered serious questions about the accuracy of certain representations made by the City of New York to the federal government.

More specifically, the committee alleges that New York city officials “misrepresented to the IRS the value of the property, helping them to get special tax deals from the federal government and in effect dumping the cost of construction onto taxpayers.”

The issue of using public money to finance private stadiums has been debated for some time now.  However, with the current state of the nation’s economy, the issue is receiving additional attention.  Not to be discounted is the political opportunity that this investigation presents.  With the continued push for the construction of new stadiums, the Giants and Jets’ implementation of exorbitant personal seat licenses, and now allegations of fraud in the Bronx, the political stage is set for a widening of the gap between professional sports teams and their middle-class fans.

And for Connecticut readers, remember the proposed downtown stadium for the Patriots?  I recently came across this University of Miami Business Law Review article by Matthew J. Parlow (10 U. Miami Bus. L. Rev. 483) that characterizes the stadium deal as extremely one-sided.  I have attached the excerpt here: hartfordstadium.


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