Two bond deals totalling roughly half a billion dollars for additional financing for Major League Baseball stadiums in New York City got the green light Friday and are expected to come to market by the end the of the month.
The New York City Industrial Development Agency approved the issuance of $431 million of bonds on behalf of the New York Yankees over the objections of city Comptroller William Thompson Jr., whose representative voted against the deal. The deal has stirred controversy but was easily approved with 11 votes in favor, one against, and one abstention. The IDA board then approved $82.3 million of stadium bonds on behalf of the New York Mets will little fanfare. Preliminary official statements on both deals are expected to be released today.