meadowlands stadium

The developer of the Yankees Stadium parking lots may be headed for default on the $237 million in bonds that were used to finance the construction. And the Yankees are hardly alone. Sports teams around the country are struggling to attract cash-strapped fans.

In the late 1980's, America's major league sports teams were caught between the need for newer and larger facilities and the public's growing unwillingness to foot the bill. Fearful of raising ticket prices to the point of diminishing returns, teams looked for a way to raise more money without...