Goldman Infiltrates Yankee Stadium Food Concessionaire

by StockJockey

Wednesday, April 15, 2009 - 9:46 pm

The new Yankee Stadium is ready for Primetime, and a revamped menu will greet fans small and LARGE.

Last we knew Centerplate struck out - not getting the renewal for the newly built Stadium, which crushed the stock of (at the time CVP-AMEX traded) Centerplate:

April 3, 2008
Centerplate, Inc. was informed today by the New York Yankees that it will not be the concessionaire for the new Yankee Stadium set to open in 2009. This does not affect Centerplate’s current contract covering the existing Yankee Stadium, which runs through December 31, 2008. Thus, this decision by the Yankees is not expected to affect the Company’s 2008 financial results. However, if Centerplate does not obtain new business to offset the impact of not having a contract to service the new Yankee Stadium in 2009, this loss will have a material adverse effect on the Company’s Adjusted EBITDA beginning in 2009.

But little did we know the new vendor would have ties to the shadowy organization known as Goldman Sachs (GS-NYSE):

Besides traditional ballpark fare, yes, Cracker Jacks included, concession stands will serve sushi, hot-pressed Cuban sandwiches and garlic fries among other treats.

Legends Hospitality, the company founded by CIC Partners, Goldman Sachs, the Yanks and the Dallas Cowboys, led a tour and sampling of the ballpark concessions Wednesday, April 15, 2009.

For Legends it’s all about serving a wide range of ball park fare fresh and hot. The company has spent four months training its staff of about 3,000 in cooking and customer service, according to Senior Vice President Mike Phillips.

Legends should have an opportunity to feast on fans’ appetite for its food. Centerplate, the Yankees’ former concessionaire, took home $70 million in 2007 from its deal with the Bombers. The new stadium features 444 point-of-sale stands, compared with 298 in the old ball park. Phillips declined to comment on projected financial performance but said that, per year, the company expects to sell enough hot dogs that if they were placed end-to-end, they’d stretch 300 miles. Stephen’s Posterus

Looking for a reason to go on a hunger strike? At the minimum you now have a reason to fast....eating a hot dog or cracker jack at the new Yankee Stadium means supporting Goldman.

Perhaps your time is better spent hitting on Jeter’s imports....that ought to throw him off his game

Looks like an opening to switch allegiances is at hand. Let’s Go Mets!!

And for those of you who hold essentially worthless shares of Centerplate....well, you know the drill. Pitchforks to assemble at 85 Broad.

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Private Equity Serves Sushi at New Yankee Stadium
Stephen’s Posterus

Previously
Yankees Curve Ball Strikes Out Centerplate
1440 Wall Street
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