How long ’til the credit crunch hits sports?
Posted by Ology Staff , Dec, 2008 @ 1:22 pm
From the National Review Media Blog, of all places, a good point about the Mets and Yankees free agent spending bonanzas.
The Mets signing of K-Rod, and the Yankees impending deal with C.C. Sabathia, are essentially being financed by the assumption that revenues will continue to climb in the years after the teams’ new stadiums open.
If this were an average recession, that’d probably be a good assumption, since New York City, Real Estate, and New York City Real Estate are supposed to be somewhat immune to economic downturns. But they’re at the epicenter of this one.
Tags: business of sports, C.C. Sabathia, Citi Field, free agency, K-Rod, Mets, New Yankee Stadium, Yankees
