Ballpark Digest

Monday, Sep 15th

Last update03:55:37 AM GMT

You are here: Minor League Features Details of SWB Yanks ballpark lease emerge

Details of SWB Yanks ballpark lease emerge

E-mail Print PDF
Scranton/Wilkes-Barre Yankees

The Scranton/Wilkes-Barre Yankees (Class AAA; International League) will cover cost overruns and contribute to future maintenance of PNC Field while paying higher rent, as details of a new lease becomes public.

Lackwanna County and the Multi-Purpose Stadium Authority will be considering a proposed lease for a renovated PNC Field; Mandalay Baseball Properties and the New York Yankees are buying the SWB Yankees for $14.6 million and then committing to a 30-year for PNC Field, which will be renovated this year before a grand reopening in 2013. 

The new lease and sales agreement were delayed by negotiations over the terms, and in the end Lackawanna County got some fair concessions from the SWB Yankees. The first, agreeing to cover cost overruns on a new ballpark, is fairly standard in new-ballpark construction: it ensures a fixed cost for the stadium authority but still gives the Yanks flexibility to add new features as ballpark construction begins. (Which happened already: the Yankees want larger dugouts than was originally specified by architect Ewing Cole.)

The second, agreeing to help pay maintenance costs on the new ballpark during the course of the lease, is a pretty major concession: usually a chunk of a team's rent payment is set aside for maintenance, not treated as a separate expense unless the rent is reduced accordingly. Over 30 years the stadium authority will set aside $15 million for capital improvements; any amount past that must be picked up by the team.

With the delays, the cost of the ballpark renovation has risen to $42 million. The authority will borrow more to cover the cost; the Yankees also agreed to increase their yearly rent to $900,000.

RELATED STORIES: Sale, ballpark issues for SWB Yankees settledRose steps down as SWB Yankees presidentRochester puts out welcome mat for SWB YankeesSWB Yankees sale, PNC Field renovations still pendingCould SWB ballpark shift to downtown Scranton?SWB Yankees adopt Empire State moniker for 2012Sale still pending for SWB Yankees; could team depart?SWB Yankees to play as road team for 2012Could SWB Yankees stay in Scranton for 2012?Surprise player in SWB Yankees temporary home: NewarkDecision on SWB Yankees fate delayedOttawa out of running for SWB Yankees -- but in line for affiliated ballNY Yankees making moves with minor-league teams; Corbett OKs SWB ballpark renovation fundsJudge: Lackawanna County entitled to keep ballpark profitsPNC Field funding on holdLuzerne County: SWB Yankees worth at least $25 millionLackawanna County issues RFQ for PNC Field renovationsDebate rages over SWB Yankees saleYanks, Mandalay agree to buy SWB Yankees, unveil ballpark renovationsCompromise on the way in SWB ballpark squabble?;Rendell: Clock is ticking on new SWB ballpark financingCounties continue spat; SWB Yankees likely to be sold this weekLackawanna County: In a ballpark bind and mad;Squabbling could derail new SWB Yankees ballparkPols: Let's not fix up PNC Field -- or sell team to Mandalay, either

----

Share your news with the baseball community. Send it to us at editors@augustpublications.com.

Are you a subscriber to the weekly Ballpark Digest newsletter? You can sign up for a free subscription at the Newsletter Signup Page.

Join Ballpark Digest on Facebook and on Twitter!

Follow Ballpark Digest on Google + and add us to your circles!