"Cities want football teams. Owners want stadiums.
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In the past 20 years, over $7 billion in public money has gone towards financing the construction and renovation of NFL football stadiums. Owners argue that public investment in private football franchises will bring a boom of economic activity to local economies. But this argument doesn’t hold up. In reality, stadiums and their upkeep wind up costing cities millions of dollars.
For owners, new stadiums mean more profits. They get to host the Super Bowl, sell naming rights to other corporations, and build increasingly opulent and expensive premium seating.
For cities, nabbing an itinerant football franchise looking for a new home field can be a big political win. And residents want teams and the hometown pride that comes with it. Football teams give cities a sense of identity and they are paying more than ever for them.
New stadiums aren’t the economic powerhouses owners promise they’ll be. But as long there are more cities that want a home team than there are franchises, it looks like taxpayers are going to keep footing the bill..."
4 Comments
notarobotThink of all the other *quality investments that money could go towards instead of being funneled into the pockets of the rich.
That money could go towards making healthcare more accessible, or reducing the burden of post-secondary tuition for young grads.
siftbotBoosting this quality contribution up in the Hot Listing - declared quality by notarobot.
deathcow'murica
Think of all the other *quality investments that money could go towards instead of being funneled into the pockets of the rich.
That money could go towards making healthcare more accessible, or reducing the burden of post-secondary tuition for young grads.
00Scud00says...When I see things like this I always think back to the inhabitants of Easter island and how they chopped down all their trees just to see who could build the biggest fanciest stone head.
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