Please don't ask for links on this -- I haven't been able to find them. That being said, I remember when Los Angeles was looking into a team (the team went to Houston and cost that lovely city $2 billion in public funds) the NFL (and LA Board member Mark Ridley-Thomas) tried to convince us that teams generate revenue, but there were several definitive studies that demonstrated that it is a net loss and, at best a break-even proposition.
That's why we don't have a team. Every now and then LA can show collective intelligence.
That doesn't surprise me at all when you consider the cost of building these huge stadiums that last how many years? About as long as all the new schools we build last. What happned to the good old days when stadiums and schools lasted generations? Brick and morter jobs, eh?
Why are so many California freepers totally full of baloney when it comes to Texas? Houston did spend too much on on the Texans' stadium (and related infrastructure, which also support the next door exhibit halls and rodeo and see year-round use), but it was nowhere near $2 billion. More like 1/10th of that. Wild exaggeration simply torpodoes one's credibility.