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Sports, Jobs, and Taxes: The Economic Impact of Sports Teams and Stadiums
Paperback
EconomicsInvesting & FinanceSports General
ISBN13: 9780815761112
Publisher: Brookings Institution Press
Published: Oct 1 1997
Pages: 540
Weight: 1.53
Height: 1.38 Width: 5.98 Depth: 9.10
Language: English
America is in the midst of a sports building boom. Professional sports teams are demanding and receiving fancy new playing facilities that are heavily subsidized by government. In many cases, the rationale given for these subsidies is that attracting or retaining a professional sports franchise--even a minor league baseball team or a major league pre-season training facility--more than pays for itself in increased tax revenues, local economic development, and job creation.
The second part of the book contains case studies of major league sports facilities in Baltimore, Chicago, Cincinnati, Cleveland, Indianapolis, San Francisco, and the Twin Cities, and of minor league stadiums and spring training facilities in baseball. The primary conclusions are: first, sports teams and facilities are not a source of local economic growth and employment; second, the magnitude of the net subsidy exceeds the financial benefit of a new stadium to a team; and, third, the most plausible reasons that cities are willing to subsidize sports teams are the intense popularity of sports among a substantial proportion of voters and businesses and the leverage that teams enjoy from the monopoly position of professional sports leagues.
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