The Price Of Professional Sports Teams

With growing doubt over the economic development potential for major league teams, Seattle is the latest city to reject public financing for a professional sports venue.

1 minute read

November 13, 2006, 11:00 AM PST

By Christian Madera @http://www.twitter.com/cpmadera

"Empowered by a wave of venture capital, a hiring boom and pride in its homegrown billionaires, this city has decided it no longer needs a mediocre professional basketball team to feel good about itself."

"Antistadium sentiment was also reflected in Sacramento, where voters rejected a sales tax increase to pay for a new arena for the Kings, the basketball team there."

"Public sentiment turned against the Sonics last winter when Mr. Schultz, the Starbucks chairman, demanded that the state provide $200 million to refurbish the city-owned arena. The team would have contributed $18 million."

FULL STORY: As Sonics Pack to Leave Town, Seattle Shrugs

Monday, November 13, 2006 in The New York Times

Community / Economic Development Washington

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