Cities spend massive amounts of public money on privately-owned stadiums. Cities issue tax-exempt municipal bonds that — wait, don’t fall asleep!
Last Week Tonight with John Oliver: Stadiums (HBO)
John Oliver on Taxpayer Funded Stadiums
July 14, 2015 6:30am by Barry Ritholtz
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The stadium is boondoggle one, which results in increased bar and restaurant business in the neighborhood. A revitalized downtown! A major league city! The bar and restaurant business are only exceeded by the pinball machine for money laundering and beating the tax man. Business as usual.
Let me be really subversive and suggest that the cities may be better served by using the bond money to buy the teams, or facilitate an ownership structure similar to the Green Bay Packers, hardly a failed model…I’d suggest that the current neo-Feudalistic ownership structure is the failed model. Would love to listen to the current owners interrupt their dining at the public trough to cry about the evils of ‘Socialism’.
I have no problem with nice stadiums that receives public subsidies. There are worse public pursuits. I have a big problem if the sports team calling that stadium home sucks, year after year.
Now, that is maddening.