Lackawanna County (PA) has agreed to sell the Triple-A Scranton/Wilkes-Barre Yankess to Mandalay for $14.6 million. The deal requires Mandalay to keep the team in the market for 30 years and pay $750k per year to lease PNC Field, which will receive $40 million in renovations.
Because the lawsuit filed by Luzerne County against Lackawanna County for half of the proceeds from any sale of the Yankees is still pending, Lackawanna will place $7.3 million of the $14.6 million sale price in reserve until the lawsuit is resolved.
While not mentioned, we have to believe that Lackawanna felt a need to act quickly, as term-limited Pennsyvlania Governor Ed Rendell (D), who promised a $20 million grant for the stadium renovation project, will be replaced by Governor-elect Tom Corbett (R) in January. Read more and view ballpark renderings here.