$40 Million Deal Struck By Yankees, Tampa Sports Authority

TAMPA, FL — Tampa Bay area New York Yankees’ fans may have something to get excited about. The Tampa Sports Authority announced Monday that it has reached a tentative agreement that would keep the team in town through 2046, provided more than $40 million in renovations are made to George M. Steinbrenner Field.

Before that deal can be inked, however, it must garner approval from the TSA’s board of directors, Hillsborough County, the City of Tampa, the Hillsborough Community College Board of Directors and the Hillsborough
County Aviation Authority. Funding for the proposed improvements would be split between the New York Yankees, Hillsborough County’s Tourist Development Tax and the state of Florida’s Spring Training Retention Program, according to the sports authority.

Proposed improvements to the field include a new entrance, the addition of areas that would give fans a 360-degree view of the field, new outfield concourses, additional group and social areas and additional shaded areas. Upgrades to the Yankees Training Complex on Himes Avenue are also included in the bottom line. The hope is to begin renovation work as soon as approvals are received with project completion scheduled by March 2017.

"The Steinbrenner family is extremely proud to have called Tampa Bay home for decades and extending the New York Yankees' agreement with the community through 2046 is very important to us," Hal Steinbrenner, Yankees managing general partner, said in a statement. "We are excited to see these improvements to Steinbrenner Field, all of which will significantly improve the fan experience.”

Spring Training is a big business for the state of Florida, the TSA pointed out in its statement. In 2010, Spring Training was credited with supporting 9,205 jobs statewide, worth an estimated $9.1 million in wages. In addition, Spring Training adds more than the $750 million in annual sales to the state's numbers.

"The New York Yankees have been great partners in our community for decades and having these improvements and commitment thru 2046 will be a major economic benefit for our area," Tampa Sports Authority President/CEO Eric Hart said in the statement.

How soon the proposal will go before the various government boards that must approve it remains unclear.

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