stadium financing

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We're Stuck Paying for Abandoned Stadiums

New Jersey still owes $110M on what's now a parking lot

(Newser) - The old Giants Stadium is a parking lot now, but New Jersey residents still owe $110 million on it. Seattle's King County currently owes more than $80 million for the Kingdome, which was demolished in 2000. And that’s just the tip of the iceberg. Indianapolis, Philadelphia, Houston Kansas City,... More »

Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

(Newser) - Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “... More »

County Wants Stadium Payback if Steelers Are Sold

Controller sends team a warning

(Newser) - If the Pittsburgh Steelers are sold, someone will have to pay for the $281 million in taxpayer money used to build Heinz Field, Allegheny County’s controller told the owners in a letter today. He said even engaging in sales talk may violate the 2000 lease, and demanded the team... More »

For Sale: Stadium Seating, Lightly Used

London Olympic planners eye passing along parts of arena

(Newser) - If Chicago wins its bid to host the 2016 Olympic Games, it might follow more closely in London 2012's footsteps than expected. The cities have begun discussing the possible sale of large parts of London's new stadium to Chicago, the Guardian reports. The deal could result in 55,000 seats... More »

New Stadiums Don't Repay Cities That Subsidize Them

Putting public funds into arenas has some benefit, but not enough to justify millions

(Newser) - Professional sports stadiums have seen an enormous boom since 1990, often drawing on millions of dollars in public financing. Economics professor Dennis Coates, writing in the American, examines whether the expenditures actually benefit local economies—and  finds the answer a general "no." Stadiums actually reduce per-capita income, drive... More »

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