Speaking of Super Bowls (today's the day!), here's a timely article on building new stadiums to draw such "profitable" events to a city. As one might expect from a well-referenced, objective analysis (such as this opinion piece), it's a BAD idea financially. There might be other "rah rah" reasons that voters would approve such projects, but proponents' bogus economic cliams of riches (shades of CA HSR!) should not be among them.
Here's the comment I posted under the article:
A binding public vote (not just an "advisory" vote) on such boondoggles is essential. But the election spending on such matters is VERY one-sided. Those who profit from a new sports stadium (and not just the team owners) will spend a bundle, whereas there is no "special interest" in opposition. It's the usual problem of "concentration of benefit, dispersal of cost."
It should be noted that the media (especially TV and the daily newspaper) have a HUGE vested interest in pro sports. It's a major draw of local viewers and readers -- both the games themselves, and the daily "news" story about some team intrigue or player felony.
Moreover, all such stadium deals are predicated on a well-financed web if lies and "studies." Follow the money if you want to know the validity of such "analysis."
I'd love to see a performance bond put on the team -- to the extent that the stadium costs go up, or the benefits are less than claimed, the team would be on the hook for half the "unexpected" cost of the overrun or the benefit shortfall.
I think such a logical commitment of "skin in the game" would quickly end any silly push for new taxpayer-financed pro sports stadiums. Now one is more aware of the dishonesty of the stadium projections than the team owners.
As Super Bowl Shows, Build Stadiums for Love and Not Money: View
As you watch the Super Bowl Feb. 5, spare a thought for the taxpayers in the host city of Indianapolis. The stadium in which the game will be played has been financed largely at their expense and, like so many sports venues built with public money, the cost just keeps growing.