Podair: Why Dodger Stadium should be the model for all sports venue deals
From SABR member Jerald Podair at the Los Angeles Times on April 3, 2017:
Right now, somewhere in the United States, a city is trying to attract or retain a major league sports team with the promise of a state-of-the-art stadium. At the same time, municipal officials are busy crunching numbers for bond issues and tax increases, trying to raise public money to sweeten the deal for the team owners who are their quarry. How many public dollars will be enough?
Stan Kroenke, owner of the Rams and the planned Los Angeles Stadium in Inglewood, understands that “next to none” is the right answer. With the exception of tax payment transfers amounting to a fraction of its $2.6 billion price tag, the money for the project will come out of Kroenke’s pocket. He will make a lot of money — but so will Los Angeles, in tax revenue, employment opportunities and entertainment spending.
Although these days Kroenke’s approach may seem novel, it’s actually decades-old and hyper-local. The model for the deal — which should be the model for any deal — is the one that created L.A.’s most beloved sports venue, Dodger Stadium.
Read the full article here: http://www.latimes.com/opinion/op-ed/la-oe-podair-dodger-stadium-financing-20170403-story.html
Originally published: April 12, 2017. Last Updated: April 12, 2017.