Money tales for the YanksBy
While Americans are focused on the plummeting global economy these days, the world of sports is no exception. With two new stadiums on the way in New York, questions about about the state of baseball economics. The numbers — at least for the Yanks and Mets — are pretty encouraging.
From Danielle Sessa, Bloomberg News’ sports writer, comes a tale about the Yankees’ new luxury boxes. The team has just seven unsold boxes at the $600,000 price point. She reports:
The New York Yankees have seven luxury suites priced at $600,000 a season left for sale at their new stadium and the club isn’t concerned that the economic crisis will hamper its ability to sell them, chief operating officer Lonn Trost said.
The $1.3 billion ballpark has 47 luxury suites, though the Yankees aren’t selling all of them. Some will be held for corporate sponsors, Trost said today.
Suites priced at $850,000 to $650,000 are already sold out and for a minimum of five years, Trost said. He declined to comment on how many suites in total were sold.
Across town, the Mets have sold out their 49 new boxes but at a price point of just $500,000. It doesn’t take an economics major to know that the Yankees have already made more on luxury box sales than the Mets with seven boxes remaining unsold. Even in a bad economy, the Yankees manage to come out ahead.
For those of you with a few hundred grand lying around, the new suites come equipped with state-of-the-art luxuries. Much as the suites do in the Meadowlands, the new Yankee Stadium suites will come with indoor and outdoor seating as well as HDTVs and private bathrooms.
In other economic news, MSNBC calculated that the Yanks spent the most per win of any Major League team. The team’s 89 wins cost $2.5 million each. While Tampa — at $451,759 per win — was the most economical team, the Yanks probably earned back more for their wins than any team drawing just over 22,200 per game.