Monday, June 20, 2005

Pubic Funding of Pro Sports

John Hood's Daily Journal: "...cities from San Diego to New York are putting up new sports venues for their professional football, baseball, or basketball teams.

...Charlotte has (in)famously begun work on a brand-new arena for its Bobcats NBA franchise, even though voters said 'no' to the idea in a previous referendum.

The new Bobcats arena in uptown Charlotte will reportedly cost $265 million. Taxpayers are slated to cover $170 million of that, while Bobcats owner Robert Johnson will chip in just $23 million. The team is supposed to absorb any cost overruns. Sure it will.

Let’s sum up, then: Charlotte has a higher-than-average tax burden, its high schools are disastrously ineffective, and it’s now officially more wasteful with sports subsidies than New York City."

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