Posted on 10/22/2022 9:31:47 AM PDT by MinorityRepublican
With news today of the Tennessee Titans nearing a deal to build a $2.2 billion domed stadium, there are now two examples of NFL franchises securing hefty subsidies from state government as well as local taxpayers to build new football palaces. That prompts a logical question about the Carolina Panthers’ ongoing deliberations on a large-scale renovation or replacement of Bank of America Stadium: Will David Tepper’s team seek similar state funding — and would lawmakers be open to the idea?
“I do think Nashville is something we are going to see a lot of cities try,” J.C. Bradbury, a sports economist at Kennesaw State University, told CBJ. “Simply, when you look at the cycle of how stadiums tend to be rebuilt — teams like to replace stadiums after about 30 years, and there are going to be a lot more of these.”
Earlier this year, the state of New York committed $600 million to help pay for a new stadium for the Buffalo Bills. Including $250 million from local government, taxpayers will pay more than half the tab of $1.4 billion.
Bank of America Stadium opened in 1996. Construction costs were $248 million, or $469 million adjusted for inflation. The stadium was privately financed, with the largest source of funding generated by one-time season-ticket fees paid by fans. The only public money was a combined $60 million — $113.5 million today — from state and local government for site improvements and related infrastructure.
Tepper Sports & Entertainment, the Tepper entity that owns the NFL Panthers and Major League Soccer team Charlotte FC, also owns BofA Stadium. Tepper paid a then-record $2.275 billion in 2018 for the Panthers and the stadium. In 2019, he paid a record MLS entry fee of $325 million for Charlotte FC.
(Excerpt) Read more at bizjournals.com ...
The current Titans stadium is barely 20 years old.
More theft by government.
One of the Sand & Sandal documentaries claimed there were concessions at the Coliseum. So at a minimum I bet wine was sold. Not sure how big the Romans were on beer.
San Diego and St Louis just lost teams recently. That’s always the 1st look. Meanwhile OKC still wants a football team. Benson was used to threaten to move the Saints to San Antonio before Katrina. There’s ALWAYS some place to go.
Most of these failures have to do with team quality. Both NHL teams that were in Atlanta were TERRIBLE. Hard to build a fan base losing most of your home games. Win a bit, go deep in the playoffs, your like the Sharks or Knights. Winning gets fans. Right now the Bills are winning, if they go somewhere, tickets will sell.
Taxpayers always have a say. But they keep electing whores that love to prostitute themselves for business. Not just sports either. Any time a big business talks about a new HQ or factory the cities line up “what can give you to come here?” And businessmen are smart. Never pay for something you don’t have to. If multiple cities wants to build you a stadium, or a factory, then there’s really no reason to pay for one yourself.
Nashville.gov HomeHome
Nashville.gov Home
Menu Toggle
Mayor’s Office
Media Release
615-862-6000
mayor@nashville.gov
Mayor’s Office
press@nashville.gov
New Stadium Proposal Relieves Taxpayer Burden of at Least $1.75 Billion
Mayor Cooper and Tennessee Titans Agree on Terms That Return 66 Acres of Land Surrounding the Stadium for Future Park, Affordable Housing, and More
October 17, 2022
Breadcrumb
Home
Departments
Mayor
Newsroom
Navigation
Today, Nashville and Davidson County Mayor John Cooper and the Tennessee Titans announced they have agreed to terms for a new enclosed stadium that would relieve a nearly $2 billion burden on Nashville taxpayers by voiding the current lease agreement.
The lease for Nissan Stadium, signed in 1996, legally obligates Nashville to provide a “first-class” stadium until 2039. The Mayor’s Office worked with Metro Council to hire Venue Solutions Group (VSG), an independent and nationally recognized public facility consulting firm, to assess the condition of Nissan Stadium and estimate Metro’s financial obligation to the Titans. VSG estimates that renovating and maintaining Nissan Stadium would cost between $1.75 billion and $1.95 billion over the remaining 17 years of the current stadium lease. This liability would require general fund dollars that could otherwise support essential priorities like public schools and first responders.
Faced with the challenge of a $1.75B-1.95B unfunded liability on an aging stadium, Mayor Cooper pursued other options to shift the cost off the general fund. After months of negotiation, and with a generous contribution from the Tennessee State Legislature, the city and team have agreed to terms that would bring a new, enclosed stadium to Nashville at no cost to the city’s general fund. The enclosed option unlocks two revenue sources that wouldn’t otherwise be available – investments from the state and the hospitality industry.
It's not old but but the Rams stadium in St. Louis had the same problem. When it was built, it was new. But 20 years later, it was no longer a "state of art" stadium". So it failed to meet the requirements of the lease.
Because newer stadiums are more awesome. So now these other teams want their stadiums to be that awesome. Better seats, better jumbotrons, better hallways. Gift shops, museums. Etc etc.
You want to give Synder 2 billion dollars to build his sports palace?
I don’t want to give them anything. I’m just pointing out the cycle. Cities LOVE paying for high profile businesses to move in or stay in. Businesses love not paying for things. And as soon as there’s new hotness that’s newer than what these businesses didn’t pay for last time, they want even newer hotness. And as long as there’s one city without a team that wants a team this cycle will continue. Period.
And an Art Museum, like at AT&T “Sta-Jum”.
Supply and demand. There are only 32 NFL teams. If Buffalo can host a team, there are a lot of places an owner can take his team and pack the moving trucks and hit the highway like Robert Irsay did in 1984.
All very true.
Especially the part about, whores
The Super Bowl in Jacksonville was Eagles Vs Patriots. There was in fact another Minnesota Super Bowl, 2017 in their new dome and it was Eagles vs Patriots.
As an Eagles fan every time they propose a super bowl in a place no fans would want to go I get excited, that will be one the Eagles go to.
Then why am I not entitled to have the city build me a new office? My business generates tax revenue for the state.
If a sport is popular enough and (supposedly) generates that much economic activity, then the team owners and the local businesses that lobby for the taxpayer to build their stadium can pay to build it themselves. If they can’t afford to build it, the team (business) can fail or go somewhere else.
Pro sports stadiums are a disgusting and expensive form of corrupt crony capitalism.
I am not in the least against pro sports. But not when money is confiscated from me to pad their coffers.
LOL!
Now they only last 25 years (Atlanta Braves, Texas Rangers, Tennessee Titans and formerly known as St. Louis Rams)
Not enough green? Buffalo Bills’ new $1.4B stadium won’t seek LEED certification
So much for principle, eh?
But it's OK when Deep State refuses to go green.
Mighty nice of them to relieve of us of this burden by giving us another, heavier burden.
So since taxpayers help build the stadium, I’m sure they’ll get a good discount on ticket prices, etc? /s
Who paid for the new soccer stadium in Nashville? Too bad they couldn’t have just taken the old Titans stadium.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.