Sports franchises and cities are usually viewed as a good mix, the people of the city support their team and vice-versa, but what fails to be recognized is the great cost at which a team comes to a city. As a prime example, the Minnesota Vikings are the longest-living sports franchise in Minnesota, they were founded in 1961. However, in 2016 the new US Bank Stadium opened upon the ground that used to hold the HHH Metrodome, this new stadium costed over 1 billion dollars, and fifty-percent of it was either bankrolled by the state of Minnesota or the city of Minneapolis. US Bank stadium is a prime example of government being involved where it is not necessary. Professional Sports organizations are damaging the public through over-taxation, and
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The Economic Impact of Sports Teams and Stadiums by Noll and Zimbalist says, “Most of this $7 billion will come from public sources. The subsidy starts with the federal government, which allows state and local governments to issue tax-exempt bonds to help finance sports facilities. Tax exemption lowers interest on debt and so reduces the amount that cities and teams must pay for a stadium.” The Shame of College Sports (CR308) ^^2010^^ “Big Ten commissioner Jim Delaney estimates a 25% increase in revenue off of an industry grossing well over 1 billion dollars per year, if the NCAA adjusts the college football national championship system to a four team playoff.” This adjustment of course, occurred. Why should universities continue to use regent dollars to improve state of the art stadiums when some students are still unable to afford to even attend that specific university. This of course brings about an argument regarding the use of public funds for essentially what can be described as a “private-public” use. According to the American Metaphor for Sports, “Sports stadiums stretching upward and outward on public dollars.” The United States and the world are, as a whole, stretching themselves too thin when it comes to sports. Spending 1 billion dollars on a new stadium, the state of Minnesota and the city if Minneapolis proved this. To …show more content…
The NCAA last year made 7 billion dollars off football alone yet are able to claim as tax-free. Their ability to not only swindle the government but swindle everyday people out of money is outrageous and disgusting. Noll & Zimbalist: “In principle, cities could bargain as a group with sports leagues, thereby counterbalancing the leagues’ monopoly power. In practice, this strategy is unlikely to work. Efforts by cities to form a sports-host association have failed. The temptation to cheat by secretly negotiating with a mobile team is too strong to preserve concerted behavior.” Teams claiming as public agents are taking money from assistance programs The government has whiffed on stopping pro sports teams and leagues from subsidizing their facilities and activities. Noll & Zimbalist say, “In principle, cities could bargain as a group with sports leagues, thereby counterbalancing the leagues’ monopoly power. In practice, this strategy is unlikely to work. Efforts by cities to form a sports-host association have failed. The temptation to cheat by secretly negotiating with a mobile team is too strong to preserve concerted behavior. Last year Senator Daniel Patrick Moynihan, concerned about the prospect of a tax exemption for a debt of up to $1 billion for a new stadium in New York, introduced a bill to eliminate tax-exempt financing for professional sports facilities and thus
The Economic Impact of Sports Teams and Stadiums by Noll and Zimbalist says, “Most of this $7 billion will come from public sources. The subsidy starts with the federal government, which allows state and local governments to issue tax-exempt bonds to help finance sports facilities. Tax exemption lowers interest on debt and so reduces the amount that cities and teams must pay for a stadium.” The Shame of College Sports (CR308) ^^2010^^ “Big Ten commissioner Jim Delaney estimates a 25% increase in revenue off of an industry grossing well over 1 billion dollars per year, if the NCAA adjusts the college football national championship system to a four team playoff.” This adjustment of course, occurred. Why should universities continue to use regent dollars to improve state of the art stadiums when some students are still unable to afford to even attend that specific university. This of course brings about an argument regarding the use of public funds for essentially what can be described as a “private-public” use. According to the American Metaphor for Sports, “Sports stadiums stretching upward and outward on public dollars.” The United States and the world are, as a whole, stretching themselves too thin when it comes to sports. Spending 1 billion dollars on a new stadium, the state of Minnesota and the city if Minneapolis proved this. To …show more content…
The NCAA last year made 7 billion dollars off football alone yet are able to claim as tax-free. Their ability to not only swindle the government but swindle everyday people out of money is outrageous and disgusting. Noll & Zimbalist: “In principle, cities could bargain as a group with sports leagues, thereby counterbalancing the leagues’ monopoly power. In practice, this strategy is unlikely to work. Efforts by cities to form a sports-host association have failed. The temptation to cheat by secretly negotiating with a mobile team is too strong to preserve concerted behavior.” Teams claiming as public agents are taking money from assistance programs The government has whiffed on stopping pro sports teams and leagues from subsidizing their facilities and activities. Noll & Zimbalist say, “In principle, cities could bargain as a group with sports leagues, thereby counterbalancing the leagues’ monopoly power. In practice, this strategy is unlikely to work. Efforts by cities to form a sports-host association have failed. The temptation to cheat by secretly negotiating with a mobile team is too strong to preserve concerted behavior. Last year Senator Daniel Patrick Moynihan, concerned about the prospect of a tax exemption for a debt of up to $1 billion for a new stadium in New York, introduced a bill to eliminate tax-exempt financing for professional sports facilities and thus