In 'In The Loop: Scoreboard,' Christian Bryant looks into the common, yet confusing, practice of taxpayer-funded sports venues.
Sports stadiums and arenas can cost hundreds of millions, even over a billion, dollars. Then, they stand to make teams and their owners a lot of money.
The National Football League’s Buffalo Bills are staying in the Buffalo suburb of Orchard Park thanks to a deal reached earlier this year to build a taxpayer subsidized stadium in the same spot where the Bills play now. Out of $1.4 billion in costs, $850 million of that will come from state and local funds.
If you as a taxpayer provide money for a stadium, the thought is that people locally and from outside the area will come in, and the stadium would pay for itself by boosting the economy. "You can imagine that there's lots of assumptions that go into that, and the people that do these before the fact are hired generally by either the league or the team or the sporting body," Agha said."So they have some incentives, let's say, to maybe push the boundaries of those assumptions that they're making."
Stadium subsidy opponents warn that that cycle teams promote ends up looking slightly different than advertised, with taxpayer money just going into owners’ pockets when it could have been used to fund local projects. The numbers seem to show most of stadium funding is a subsidy that heads straight to wealthy owners. Sports economist Michael Leeds at Temple University studied the effects, doing a study looking specifically at Chicago sports teams.
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