At least reviled Royals owner David Glass will make some money tonight
Think modern mythology…
Somewhere along the line professional sports teams figured out how to con cities, politicians and the general public into doling out millions in tax dollar incentives because they thought it was a good investment.
Starting with taxpayer subsidized stadiums.
That despite countless studies indicating the opposite to be the case.
“According to leading sports economists, stadiums and arenas rarely bring about the promised prosperity, and instead leave cities and states mired in debt that they can’t pay back before the franchise comes calling for more,” according to a 2012 report by a pair of economics analysts in The Atlantic.
Futhermore, “Prospects for cutting sports subsidies are not good,” a 1997 Brookings Institute study concluded, adding, “Given the profound penetration and popularity of sports in American culture, it is hard to see an end to rising public subsidies of sports facilities.”
Even a Federal Reserve Bank of St, Louis report in 2001 began lead off with the following quote from former Chicago White Sox owner Bill Veek:
“We play the Star-Spangled Banner before every game—you want us to pay taxes, too?”
Are stadiums good investments for cities, the study queried?
“The short answer to this question is ‘No,’ ” it continued. “When studying this issue, almost all economists and development specialists -at least those who work independently and not for a chamber of commerce or similar organization- conclude that…cities and metro areas that have invested heavily in sports stadiums and arenas have, on average, experienced slower income growth than those that have not.”
Ditto for those much ballyhooed playoff games like tonight’s contest between the Kansas City Royals and California Angels, says restaurant and comedy club owner Craig Glazer.” Continue reading →
