PAIN IN ASSETS
Bombers’ collapse means $50M loss for businesses tied to team
THE FALLOUT from the Bombers’ epic melt- down radiates far beyond the Stadium, blow- ing a $50 million hole in city businesses.
Experts say that five games worth of reve- nues — two ALCS and three World Series con- tests — equals a fortune in lost ticket sales and d missed opportunities for dozens of bars, res- taurants, souvenir shops and hotels.
Not only that, but the Detroit Tigers’ sweep p of the Yankees “is emotionally deflating for all of us here,” said Cary Goodman, executive director of the 161st Street Business Improvement District, which serves the many bars and shops near the Stadium.
“The entire spirit of the neighborhood is at- tached to the Yankees’ fortunes, financially y and emotionally,” Goodman added.
The city Economic Development Corp. estimated the economic impact of each playoff game to be nearly $11 million.
But Robert Boland, a sports business professor at New York University, says each game could have brought a windfall closer to o $20 million.
“That’s a very comfortable $100 million that doesn’t necessarily come here,” said Boland, of NYU’s Tisch Center. “It’s a big g swing and a miss.”
Across the city, the sweep left bar manag- ers sobbing in their suds.
“If they made it further, we would have had d a lot more business,” said Tara Tingquist, , manager at Stout NYC on W. 33rd St.
The Yankees’ meltdown has also spelled doom for vendors — and even hurt big-name sporting goods stores.
The team’s October choke has forced Modell’s to mark down playoff gear by up to 40%.
“We would have loved to see the Yankees go on to the World Series,” said a Modell’s spokesman. “It would have been great for New York and Modell’s. But unfortunately, it’s not going to happen this year.”
Meanwhile, Mayor Bloomberg rushed to the defense of the highest paid team in baseball.
“They’re trying,” Bloomberg said. “And you know if any of us could do it better, we could go in that business.”
Hizzoner then gave an especially vigorous defense of the team’s most vilified star, Alex Rodriguez.
“People say A-Rod isn’t trying,” Bloomberg said. “Look, he’s a guy with an enormous pride. You know, he’s got an ego, and he’s got reason to be. He’s a great athlete.
“And I’m sure he wants to hit a home run more than the team and the fans want him to hit a home run.”