The Yankees' Commitment to Tampa
Since 1996, the New York Yankees have proudly called George M. Steinbrenner Field their spring training home. Originally opening as Legends Field, baseball fans and insiders said the Tampa stadium set a new standard for spring training facilities.
As the largest spring training ballpark in Florida, over 3.8 million fans have entered the stadium gates since its opening, producing an estimated economic impact of over $2 billion to the Tampa Bay area. In addition, the Yankees employ more than 500 Florida residents, most of them in Hillsborough County, with aggregate annual salaries of more than $
45 million.
The New York Yankees have also been great partners in the local Tampa community for decades, raising millions of dollars for nonprofit community partners such as the Boys and Girls Clubs of Tampa Bay, Feeding Tampa Bay, St. Joseph’s Hospital and Metropolitan Ministries.
Annually, the Yankees also host children’s holiday concerts featuring the Florida Orchestra, a Hillsborough County Coaches Banquet recognizing local high school coaches for their commitment and leadership, and HOPE Week – an initiative to shine light on and contribute to local charitable organizations. Additionally, each spring, the New York Yankees host their Annual New York Yankees Luncheon benefiting the Boys & Girls Clubs of Tampa Bay.
In 2017 the Yankees extended their commitment to Tampa, completing a $40-million-dollar renovation of the stadium and license extension agreement to stay in Tampa through 2046.
2020 Spring Training, COVID-19
The 2020 Spring Training season saw the organization celebrate their 25
th Anniversary Season in Tampa. With 16 home games on the schedule, the Yankees played 10 home games before Major League Baseball (MLB) suspended play on March 12
th due to the COVID-19 Pandemic.
On March, 27
th, MLB and the MLB Players Association (MLBPA) agreed to a deal while sports were at a global standstill. At the time, both parties were committed to playing as many regular-season games as possible and MLB had committed to advancing $170 million in salaries to players, with the bulk of the money going to players who earn comparatively lower wages. The economics of the situation for team owners, players, and MLB make the probability of a baseball season more likely than not.
In early May, both parties began negotiations for a shortened season. Initially, the league proposed an 82-game season that would start in July including an expanded playoff format. Reports have included a proposal where owners have asked the players to sign off on a "sliding scale of compensation." This would mean that the highest-paid players would potentially receive less than 40% of their full-season salary. While players making the league minimum could get all or most of their prorated salary based on the number of games on the finalized 2020 schedule. Deferred compensation has also been discussed.
The MLBPA countered this offer on June 1 with a 114-game regular season schedule that runs through October, with no additional pay cuts. As this story progressed throughout the first week of June, the latest offer is a shorter, 50-game season with prorated salaries for players, which is believed to help save owners additional money. According to MLB, approximately $640,000 will be lost per regular season game played after the 50-game mark.
While negotiations are still underway, George M. Steinbrenner Field stands ready for baseball to start once the MLB & MLBPA come to an agreement. In the meantime, the Yankees will continue to support the local Tampa community throughout this difficult time and beyond.
Event Sponsored by Fifth Third Bank
While our March event at George M. Steinbrenner Field was cancelled due to the MLB’s response to COVID-19, sponsor Fifth Third Bank worked diligently to plan to event for our members and guests.
Fifth Third Bank is a diversified financial services company headquartered in Cincinnati, Ohio, established in 1858. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management, and as of March 31, 2020, Fifth Third had $185 billion in assets and operated 1,123 full-service banking centers and 2,464 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
Fifth Third Bank has a legacy of supporting our local communities through investments, lending, community development, philanthropy and service. Fifth Third is committed to the Tampa Bay region and is a longstanding supporter of both FEI and the Yankees. The company recently announced an $8.75 million philanthropic commitment to help address the effects of the COVID-19 pandemic. The funds from the Fifth Third Foundation and the Fifth Third Chicagoland Foundation will be deployed to meet the immediate and long-term needs of the communities served by Fifth Third Bank.