clock menu more-arrow no yes

Filed under:

Will the economic crisis hurt the Yankees?

New, comments

They're charging upwards of $600,000 for a luxury suite.

The Yankees move into their new stadium next year, and over the past year they've been trying to sell New York's corporate titans on the virtues of the new stadium's 47 available luxury suites. Asking price: $600,000 to $850,000 a year - several times what other major league teams charge for their luxury boxes.

A year ago, selling Yankees skyboxes was considered a slam dunk. Today, not so much, not with the stock market tanking and most financial companies gushing red ink. "I would hate to be in their position," a top executive with another Major League team says of the Yankees. "$850,000 for a luxury suite?" says Phil Matalucci, president of sports-suite broker Luxury Suite Alternative. "There could not be a worse time for teams to be selling luxury suites."

How happy is Scott-Rod that they got their $300 million deal before this financial crisis?