The recent $2.15 billion sale of the Los Angles Dodgers baseball team confirms why taxpayers should just say no to using public funds for any new major sports stadiums.
In ancient Rome, government attempted to curry favor with the masses by offering free bread and circuses. Today, we have sports pork.
How sad that taxpayers are continually asked to pay for new stadiums. Public dollars are being used as corporate welfare to subsidize a private-sector business. The only real beneficiaries of these expenditures are team owners and their players who earn far more than the average fan.
It is impossible to judge the amount of new economic activities that these so-called public benefits will generate. Between selling the stadium name, season sky boxes and reserve seating, cable, television and radio revenues, concession refreshment and souvenir sales along with rental income for other sports, rock concerts and other commercial events, it is hard to believe that any owner can’t finance his new stadium on his own.
Given the current fiscal crises along with weak economy, 9% plus unemployment rate along with projected deficits — there are other services more worthy of investment. Professional sports are not an essential service and should not qualify for government subsidy. Scarce taxpayer funds would be better spent elsewhere. If this is going to be such a great financial deal, why don’t team owners float their own bonds or issue stock to finance his new stadium rather than turn to taxpayers and government for support? Go obtain loans from banks, like medium and small businesses.
Real business people who believe in capitalism build companies on their own. How sad that some don’t want to do it the old fashion way by sweat and hard work. They are looking for shortcuts in the form of huge subsidies at taxpayers expense and favors from elected officials.