The big bad New York Yankees are flexing their mighty chequebook and the rest of Major League Baseball is not happy.
While the recession has many teams cautious about spending, the Yankees remain in a Gilded Age, dropping more than $400million (Dh1.4billion) on high-profile free agents, including an eight-year deal with the first baseman Mark Teixeira on Tuesday.
Their city rivals the Mets have lavished big money, too, and other teams are jealous.
"This year they just both went crazy," the San Francisco Giants pitcher Barry Zito said of New York's teams.
"All these people are going east now. It's crazy."
The Yankees tend to let criticism bounce off their pinstripes.
"I've got enough things to worry about and think about," the co-chairman Hal Steinbrenner said.
Across a city where cocktail party talk centres on the Bernard Madoff financial fraud and the demise of Bear Stearns and Merrill Lynch, the baseball teams have grabbed attention with their dazzling deals during a time of retrenchment.
How in the world can they afford this? Well, the Yankees already own about one-third of their own regional sports cable network.
They have started their own concession company in conjunction with the American football side Dallas Cowboys. And now they have a new, $1.3billion ballpark opening in April.
The top ticket at the new Yankee Stadium next season will go for $2,500. The best seat at the Mets' Citi Field seems like a discount, averaging $495.
"We are very sensitive to the economic conditions, to people's concerns," the Yankees president Randy Levine said.
"We monitor it very closely and, if necessary, can make adjustments.
"But as we stand today, we believe strongly that our fans and customers appreciate that we continue to reinvest in our product."
The Mets, whose owners also own a share of their own network, made the first big free-agent move.
They struck a $37m, three-year agreement with the closer Francisco Rodriguez.
But that was a pittance compared to the nearly quarter-billion dollars - $243.5m to be precise - the Yankees committed on a single day last week for a pair of starting pitchers: CC Sabathia got a $161m, seven-year contract and the often-injured AJ Burnett was enticed to the Bronx with an $82.5m, five-year deal. They followed that up by striking a $180m deal with Teixeira. After the Yankees' streak of 13 consecutive play-off appearances ended, you could count on them to set the top of the market.
Around the rest of MLB, the highest free-agent contract belongs to pitcher Ryan Dempster, who will receive $52m over four seasons to remain with the Chicago Cubs.
While their arch-rivals Boston Red Sox play in Fenway Park, with the smallest capacity in the major leagues at about 37,750, the Yankees are moving into a ballpark next season that holds 52,325 - about 4,500 seats fewer than their old stadium. The Red Sox had also pursued Teixeira.
"From the moment we arrived in Boston in late 2001, we saw it as a monumental challenge," Boston's owner John Henry said.
"We sought to reduce the financial gap [with the Yankees] and succeeded to a degree. Now with a new stadium filled with revenue opportunities, they have leaped away from us again. So we have to be even more careful in deploying our resources."
The Yankees have been MLB's traditional pacesetter on the field since 1923, when they moved into the original Yankee Stadium.
They have won 26 World Series titles since - the St Louis Cardinals are a distant second with 10.
The new stadium across the street is 63 per cent larger than the old, with four merchandise stores instead of one, and 13 restaurants, lounges and food courts for the public, including a martini bar and a steak house that's expected to become a destination for Wall Street's elite.
There are 51 available luxury suites priced from $600,000 to $850,000 each, up from 19 at the old ballpark. Even without the income from the new stadium, the Yankees already have paid out the top average salary in MLB for the past 10 seasons, according to the MLB Players Association.
This year's $223m final payroll, according to the commissioner's office, was more than double the $96m MLB average.
Yet, the Yankees do help subsidise the other teams. New York is paying $26.9m in luxury tax - just $141,000 less than the payroll for the Florida Marlins' entire 40-man roster. Throw in revenue-sharing payments, and the Yankees are contributing $110m to MLB for this year.
"As long as we follow all the rules, which we do, provide hundreds of millions of dollars, as we have over the past years to other teams, and spearhead revenue to the commissioner's office, networks and other entities, people should allow us to run our business the way we think appropriate," Levine said.
The Mets' new ballpark appears modest in comparison.
Citi Field costs $800m, and at 45,000 holds about 7,000 fewer than the new Yankee Stadium.
"If the Yankees don't make the play-offs, they are going to do whatever they need to do to get back," the Giants outfielder Randy Winn said.
And they may not be finished.
* AP
More from Neighbourhood Watch:
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Women’s World T20, Asia Qualifier, in Bangkok
UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final
(The winners will progress to the Global Qualifier)
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
LAST 16
SEEDS
Liverpool, Manchester City, Barcelona, Paris St-Germain, Bayern Munich, RB Leipzig, Valencia, Juventus
PLUS
Real Madrid, Tottenham, Atalanta, Atletico Madrid, Napoli, Borussia Dortmund, Lyon, Chelsea
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Anti-semitic attacks
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.
It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.
The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.