Modern sports team owners are like teenagers. When one gets a new stadium, another wants one of their own. It has led to dedicated waves of new stadium construction, relocation, and accommodations, all funded largely by taxpayer money. Is this good for your Paycheck? Let’s check it out…
Here’s Five Fast Facts About the Latest Wave of Stadium Construction:
- 🏈 Kickoff - The latest wave has started, including five MLB teams, an NFL team, and three NBA teams all looking for new stadiums and arenas or pushing to improve their current homes.
- 🏀 Slam Dunk - Public stadium funding is pulling in ridiculous numbers. In 2022 New York approved an $850M subsidy for a new stadium for the Buffalo Bills to lose in and the Tennessee Titans got $1.2B in state and local funding for a stadium in Nashville. The Green Bay Packers are still content with you freezing your keister off on bleachers from 1784.
- 🌭 Home Team - Local politicians say that getting or keeping a team is a huge boost to the local economy and that the additional money spent on infrastructure helps the community beyond the sporting events.
- ⚾ Foul Ball - Economic experts point to a wealth of data that shows the economic impact from stadiums and arenas measured in jobs and taxes do not cover the public investment.
- 🧢 Penalty - People are fighting back. Nevada teachers are challenging the law that authorized up to $380M of public funding that is being used to get the Oakland As to Las Vegas. A new arena project in Virginia is also experiencing resistance.
🔥Bottom line: Billionaire team owners ask your city to give them your money for a new stadium that will continue to earn them (not you) more money. That’s what some people claim is happening right now. Is that the case? You’ll have to decide yourself.
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