Yankees Shorted City $11M in Rent, Audit Finds

Team forks over half of debt immediately

The Yankees are forking over millions of dollars to the city of New York for back rent.

An audit by city Comptroller William Thompson found that the team had underpaid the city by $11 million over a three-year period. The team is supposed to pay the city a percentage of all revenue from tickets, parking and cable television.

The Yankees have already paid more than $7 million owed to the city plus interest, with the balance to be paid next March.

Team spokesman Howard Rubenstein says the Yankees have "cooperated fully" and "has no problems with the audit."

In 1972, The New York Yankees and the Parks Department entered into a 30-year lease to rent and exclusively use Yankee Stadium during the baseball season. The lease has been extended to Dec. 31, 2008, and has been amended 10 times to give the Yankees additional privileges, according to a statement released by the office of New York City Comptroller William Thompson, Jr.

“The New York Yankees were cooperative throughout the audit process, and when brought to their attention, promptly made payment on the balance owed to the city,” Thompson said in the statement.

Read the full audit.

Copyright AP - Associated Press
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