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.
I’m just wondering, is there indeed a place and a time when a stadium was 100% funded by private fund and was it ever a “profitable” (at least zeroed levelled)…
If not, how come everyone is still in the business, are they all corporate welfarers?
I think places like MSG which are booked 365 days a year (sometimes a circus and a hockey game in one day) make money. They talk about Bills someday moving to Toronto but not playing in Rogers Centre. Why not, I ask? Who’s gonna build a new place for ten home games?