Publicly Funded Stadiums

Data from a thirty year, thirty city study reveals 27 of the stadiums have no influence on the economy and 3 lost money causing an economic drain! The players and owners are the (only) people benefiting from public stadiums. Five teams (so far) this decade have opened new stadiums. These teams have player salaries that exceed the leagues average by 28 to 51 percent!

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Contrary to voters wishes, Seattle approved a $320-million for a stadium. One year later the estimated price jumped to $363.5-million plus parking facilities for another $20.5-million (nice parking facility). After building delays followed by the threats from team owners of a sell-out, the tax payers are now on the hook for $380-million plus a $26-million parking facility. Both prices are estimated of course.
Milwaukee is currently facing nearly the fate as Seattle. Here again, voters - voted no on a stadium but the legislature is going a head anyway. In a somewhat unique way to fund this project, the Housing Authorities are extending a loan for this project.
Washington DC is proposing an estimated $1.2-billion for stadiums (yes, that's plural) and other similar "social" projects.
Maryland estimated their $177-million stadium would result in 1,394 full time jobs (not necessarily new either). But putting the calculator to work, this implies each of the jobs will cost tax payers approximately $127,000 per year. Further research shows only 889 jobs will be created which jumps the per year job cost to $200,00. But it's not over yet! Maryland is losing an estimated 1,000 citizens per month...

Oh No! They're going to leave... Think of all those jobs that will be lost. What Baseball really means to the economy. October 25, 1997. The beginning?

MAJOR LEAGUE LOSERS
The Real Cost of Sports and Who's Paying for It
By Mark S. Rosentraub

Pro sports teams are small businesses that don't deserve the subsidies they get. The industry never accounts for more than 0.5% of jobs or salaries in any region. (By contrast, in the average metropolitan area, restaurants provide nearly 7% of jobs.) Its most successful teams, such as the New York Yankees and Dallas Cowboys, bring in only around $100 million in annual revenue. The business does not provide local economies with any noticeable growth, Rosentraub writes. Yet Cleveland, for example, is spending about $1 billion over a 25-year period for three pro sports franchises.

What about all those jobs that will be lost?
Think again! check here or here or here
Notice the posting dates on some of these! Companies cannot find employees!

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