Andrew Giorgione has been quoted in several articles related to the recent announcement that the Lackawanna County Multi-Purpose Stadium Authority plans to sell the region's Triple-A baseball franchise. As reported by the Wilkes-Barre Times Leader in a November 10 article titled, "SWB Yanks’ franchise sale closer," the authority "agreed to sell the franchise for $14.6 million to the Scranton/Wilkes-Barre Yankees. The deal also includes renovations to the tune of $40 million to PNC Field in Moosic."
The article goes on to note that "the authority will also have to come up with nearly $17 million to receive $25 million from the state government for stadium renovations. About $4.3 million would come from the sale proceeds, another $4 million would come from money the authority has in its accounts and $8.7 million would come from a bank loan." Giorgione, who is representing the authority in the sale, added "details of the potential loan have yet to be finalized."
According to the article, "Authority member James Timlin said he thought the sale of the franchise is the best option that will actually take the burden off the taxpayers…
The memorandum includes: the Yankees will lease the stadium for at least 30 Triple-A baseball seasons, two possible 10-year lease renewal options, annual rent to the authority for $750,000 and requiring the new proposed stadium to remain a multi-purpose facility."