for $6.5 million ($57,676,180 in 2016 dollars) to Arnold Johnson, who also dealt the land under the ballpark to the Knights of Columbus for $2 million ($17,746,517 in 2016 dollars). After he purchased the Philadelphia Athletics and transferred the franchise to Kansas City on November 8, 1954, Johnson sold Yankee Stadium to John W. Cox on March 22, 1955. Cox, a 1927 graduate of Rice University, donated the ballpark to his alma mater on July 19, 1962. In the 1966–67 offseason, during the period in which Rice owned the stadium, the concrete exterior was painted white, and the interior was painted blue. The metal frieze circling the upper deck was painted white. 1974–75 renovations and beyond In 1970, newly reelected Mayor John Lindsay approached team president Michael Burke of CBS, which owned the Yankees, with an offer to spend $25 million on improvements to Yankee Stadium. (Six years earlier, the Mets' new home, Shea Stadium, had opened in Queens at a similar public cost.) By this time, it was obvious that the stadium had significant structural issues; concrete chunks were seen falling from the stands. Burke floated two proposals to build a new stadium on the same site in the Bronx; one included a dome. CBS also asked for 10,000 additional parking spaces and road improvements to alleviate traffic. In August 1971, the New York Giants football team announced that it would leave Yankee Stadium for a new football-only stadium in the Meadowlands Sports Complex under development in New Jersey. In 1971, the city of New York forced (via eminent domain) Rice to sell the stadium for a mere $2.5 million (equivalent to $ today). That December, after significant lobbying by Lindsay, the New York City Board of Estimate approved $24 million ($140 million in 2014 dollars) for the city to renovate Yankee Stadium. The figure included $3.5 million for the purchase of the stadium and the piece of land from Rice University and the Knights of Columbus. At the time, New York City was on the brink of bankruptcy. In January 1973, CBS sold the Yankees to a group led by George Steinbrenner for $10 million. Yankee Stadium closed for renovation on September 30, 1973. The Yankees played their home games in 1974 and 1975 at Shea Stadium (The NFL Giants played their last Yankee Stadium game on September 23 (a tie), then went to the Yale Bowl through