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We Built This: Keeping Score of America's Stadium Spending Spree
Aaron Kuriloff and Darrell Preston investigate the dozens of wealthy owners whose big-league teams have benefited from millions of dollars in tax-free borrowing that have gone towards the construction of new stadiums. This borrowing occurred despite Congressional efforts in 1986, "to bar cities and states from building stadiums with tax breaks originally set up to help local governments cut their borrowing costs for building roads, sewers and schools."
"During the past decade, studies by Grant Long; Robert Baade of Lake Forest College near Chicago; Victor Matheson, an economist at College of the Holy Cross in Worcester, Massachusetts; and others have found that stadiums are poor municipal investments," note Kuriloff and Preston. "Nonetheless, political leaders are still willing to offer taxpayer-funded aid to team owners -- including muni-bond financing -- to lure or avoid losing a franchise and the civic pride and event-related jobs that go with it."