Report: Yankees in final stages of stadium deal with city, state

NEW YORK -- The New York Yankees are close to reaching an agreement with city and state governments to build a new stadium, the Daily News reported Saturday.

Citing unnamed sources, the newspaper reported that lawyers from the city, state and team are completing a "memorandum of understanding" and that an announcement is expected around May 1.

While government and team officials did not comment directly about plans or the pending agreement, the newspaper said they did confirm that they are in the final stages.

"We're working very closely with the city and the state and trying to finalize our current plan," Yankees president Randy Levine told the Daily News. "We expect to announce it in the near future, and we hope to break ground in 2006 and be ready to play in 2009."

The new stadium will be built just north of the existing facility in the Bronx, and is designed to seat 50,800. That's smaller than the current capacity of 57,478, but the new ballpark will have more luxury suites.

The newspaper, citing officials familiar with the plans, reported that the new stadium will be comprised of two separate structures: an exterior wall, designed to replicate the original Yankee Stadium built in 1923, and the interior stadium itself.

The stadium construction will cost approximately $800 million and will be fully paid for by the team. The city and state will spend $300 million to build a new commuter rail station, improve parking, and create parkland along the nearby waterfront.

The new stadium will feature copper lattice work around its roof, much like the 1923 stadium. The new facility will also have expanded retail and concession areas.