The parking garages at Yankee Stadium are a financial black hole

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Back when New Yankee Stadium was built, the team demanded that the city build parking garages to house 9,000 cars. Never mind that the ballpark is right next to a train station.

But the city agreed, issuing tax-exempt bonds to cover the costs plus subsidizing the garages to the tune of $100 million on top of that.  Now those bonds are likely going into default, reports the New York Daily News:

Bronx Parking Development LLC failed to make a $6.9 million payment due April 1 on more than $237 million in tax-exempt bonds arranged by the Bloomberg administration back in 2007.

The group, which is not connected to the Yankees, thus fell into one of the biggest defaults of a New York City-sponsored bond in decades.

Sounds like this will lead to a city bailout or a bankruptcy, leaving the bondholders and/or taxpayers holding the bag.

Just another fabulous example of what happens when the government does favors for sports teams and all common sense is thrown out the window. And when the recipients of those funds try to gouge the hell out of customers, charging them some $35 to park, which rendered the garages half empty most of the time.

How hard is it to tell a billion dollar business like the Yankees to build their own parking garages if they want them so bad?

Free agent slugger José Abreu signs 3-year, $58.5M deal with Astros

Kamil Krzaczynski-USA TODAY Sports
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HOUSTON — Jose Abreu and the World Series champion Astros agreed to a three-year, $58.5 million contract, adding another powerful bat to Houston’s lineup.

Abreu, the 2020 AL MVP, gets $19.5 million in each of the next three seasons.

He spent his first nine major league seasons with the Chicago White Sox. The first baseman became a free agent after batting .304 with 15 home runs, 75 RBIs and an .824 OPS this year.

With the Astros, he replaces Yuli Gurriel at first base in a batting order that also features All-Star sluggers Yordan Alvarez, Jose Altuve, Alex Bregman and Kyle Tucker.

Gurriel became a free agent after Houston defeated the Philadelphia Phillies this month for its second World Series championship.

The 35-year-old Abreu becomes the biggest free agent to switch teams so far this offseason. Born in Cuba, the three-time All-Star and 2014 AL Rookie of the Year is a .292 career hitter in the majors with 243 homers, 863 RBIs and an .860 OPS.

The Astros announced the signing. Abreu was scheduled to be introduced in a news conference at Minute Maid Park.

He would get a $200,000 for winning an MVP award, $175,000 for finishing second in the voting, $150,000 for third, $125,000 for fourth and $100,000 for fifth. Abreu also would get $100,000 for earning World Series MVP and $75,000 for League Championship Series MVP, $75,000 for making the All-Star team and $75,000 for winning a Gold Glove or a Silver Slugger.

Abreu gets a hotel suite on road trips and the right to buy a luxury suite for all Astros home games.