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SWB Yankees sold

Scranton/Wilkes-Barre YankeesIt’s official: the Scranton/Wilkes-Barre Yankees (Class AAA; International League) franchise has been sold to Mandalay Baseball Properties and the New York Yankees for $14.6 million.

The sale was finalized this morning by the Lackawanna County Multi-Purpose Stadium Authority. The proceeds from the sale will immediately go toward the renovation of PNC Field, which could begin as soon as Friday.

The sale price is a pretty good deal for the Yankees and Mandalay; usually you see a Triple-A team going for $17 million or more. There are some mitigating factors, though: the team will lose money this year playing on the road while ballpark renovations proceed, and the sale of the team was tied to the new ballpark, where the new SWB Yankees will pay some $900,000 annually in rent over 30 years and cover any construction cost overruns.

RELATED STORIES: PNC Field renovations could begin FridayRenderings released for PNC Field renovationsDetails of SWB Yanks ballpark lease emergeSale, 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 madSquabbling could derail new SWB Yankees ballparkPols: Let’s not fix up PNC Field — or sell team to Mandalay, either


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