With news coming out of Quebec City that billionaires are trying to get the Government of Canada to foot the bill for a new area (one that might lure the Nordiques back and be part of a future Olympic bid), this week’s story in the New York Times is very timely.
Ken Belson’s story describes how publically funded stadia rarely turn a profit and often leave the taxpayers footing the bill. What’s more, some stadia that have been demolished or no longer have a pro sports team and still carry debt. For example, the Kingdome in Seattle was built in 1976, demolished in 2000 and has $83m in debt which won’t be paid down until 2016. And Giant Stadium in New Jersey owes $266m for another 15 years.
Have a read at As Stadiums Vanish, Their Debt Lives On.