Economist Testimony Proves Taxpayer Backed Stadiums Stay Losing!!!

So far the local discussion about the new downtown stadium has been dominated by pundit hacks, politicos and developers.

Meanwhile, sent by the BEST & BRIGHTEST TKC READERS . . . We share informative stadium opinion with a bit more expertise . . .

"As a sports economist who has studied stadium deals for over two decades, I am not exaggerating when I write that the New York Legislature has managed to craft one of the worst stadium deals in recent memory – a remarkable feat considering the high bar set by other misguided state and local governments across the country . . .

"There were many things to dislike about the Bills stadium project. At $850 million, it is the largest taxpayer handout for a new stadium in U.S. history even before additional subsidies such as annual maintenance costs, property tax exemptions and tax exemptions for municipal bond interest are considered. These factors could easily drive the total government price tag well over $1 billion.

"With taxpayers footing over 60% of the $1.4 billion price tag, it also runs counter to the trend of the past decade toward lower levels of public funding for stadium construction."

Read more via www.TonysKansasCity.com link . . .

I've studied stadium financing for over two decades - and the new Bills stadium is one of the worst deals for taxpayers I've ever seen

Buffalo Bills owners Kim and Terry Pegula received a sweetheart deal from the state to finance their new stadium. Brett Carlsen/Getty ImagesAfter New York lawmakers blew past the deadline to approve the state budget, they finally came to an agreement on April 9, 2022, that included a US$850 million subsidy for a new stadium in Buffalo for the NFL's Bills.