Quoted:
Sports generates huge revenues that gets spread out over thousands of different businesses. A good/popular sports team is something that is good for any cities economy.
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Actually, here in Denver, we got stuck with the tab for the new Bronco's stadium, after a veiled threat to move the team, and a well financed ad campaign before the vote.
*We* pay for the new Mile High stadium, Pat Bowlen, Canadian owner of the Broncos, gets the stadium and land, all the parking, all the concessions, and all rights to all team merchandise, in short, every dime that this place generates. The taxpayers merely get the bill.
ALL the profit goes to this guy that doesn't even pay taxes in the US.
Bowlen accepted a huge sum for the "naming rights", from Invesco Corp, but didnt even have to apply it to the debt that we the taxpayers are carrying.
In return for this waste of money boondoggle, capacity is almost identical, except now Bowlen has more high dollar suites to sell.
All ticket prices went up, and Bowlen now refuses to fulfill his promise to make the place available for local do-gooder events either, without charging exorbitant fees.
In short, no one makes any money from this white elephant except Bowlen. There is NO collateral profit to Denver from the new stadium, ALL the money goes to the Canadian. The new Mile High stadium is nothing more than a black hole to *suck* money out of Denver, not to share any with their loyal city and fans.
They have taken the "rah-rah" fan mentality, and found a way to screw the citizens yet one more time.
Bread and circuses, bah!