A state commission voted Tuesday not to provide key public financing for the construction of a football stadium in Manhattan, handing Cablevision Systems a potentially decisive victory in its war to block that construction.
Assembly Speaker Sheldon Silver and state officials on the Public Authorities Control Board voted down the stadium plan, which called for a football and concert facility blocks from Cablevision’s Madison Square Garden.
The $2.2 billion stadium plan called for hefty public subsidies and was cast as an attempt to spark redevelopment of a fairly barren portion of Manhattan.
Silver’s district is lower Manhattan, including the financial district near the site of the World Trade Center. He feared that the West Side project would would draw business away from downtown Manhattan. "Am I supposed to turn my back on Lower Manhattan as it struggles to recover?" Silver asked at a press conference. "For what? A stadium? For the hope of bringing the Olympics to New York City?"
Cablevision, for its part, was concerned the stadium would draw business away from the Garden.
The stadium decision may have also have doomed New York’s bid for the 2012 Olympics.