Sports Subsidies – The Gift that Keeps on Giving

I recently came across an interesting sidebar from the New York Times.  The main article was about the debt still owed by the State of New Jersey on the now demolished Giants Stadium.  The really interesting information is in the bottom left corner, where the demolished sports facilities that still have outstanding debt are listed.  Here’s the sports subsidy hall of shame, demolished facility wing:  Giants Stadium (demolished 2010, $225 million in debt still outstanding will be paid off in 2025); the Kingdome (demolished in 2000, $83 million in debt still outstanding will be paid off in 2016); the Hoosier Dome (demolished in 2008, $61 million in still outstanding debt will be retired in 2021); and Veterans Stadium (demolished in 2004, $30 million in still outstanding debt will be retired in 2020).

Anyone think that the local governments would like to have some of that money devoted to principal and interest on long-demolished facilities in their general fund right now?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: