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As Stadiums Vanish, Their Debt Lives On

New York Times, by Ken Belson

It’s the gift that keeps on taking. The old Giants Stadium, demolished to make way for New Meadowlands Stadium, still carries about $110 million in debt, or nearly $13 for every New Jersey resident, even though it is now a parking lot.

The financial hole was dug over decades by politicians who passed along the cost of building and fixing the stadium, and it is getting deeper. With the razing of the old stadium and the Giantsand the Jets moving into their splashy new home next door, a big source of revenue to pay down the debt has shriveled.
[...]
How municipalities acquire so much debt on buildings that have been torn down or are underused illustrates the excesses of publicly financed stadiums and the almost mystical sway professional sports teams have over politicians, voters and fans.
[...]
With state and local budgets stretched by the recession, politicians are only now starting to look askance at privately held teams trying to tap the public till.


Posted by: Sammy on 09/09/10 at 06:56 AM
    Page 1 of 1 pages
  • 1. · Like I've said many times, in the next decade or so the Regency Furniture stadium will "need" upgrades and renovations, costing the taxpayers of the county (and state- i.e. double for the county taxapers) MILLIONS more than what we've already shelled out!!

    If you don't believe me, read: "Field of Schemes - How the great stadium swindle turns public money into private profit" by Joanna Cagan and Neil deMause.

    This will boggle your mind!!!

    Comment by cheryl  on  09/09/10  at  07:26 AM | [Back to Top] | [Back to Main]
  • 2. · 1st para. - "taxpayers" not taxapers!! Thinking faster than I can type!!!!

    Comment by cheryl  on  09/09/10  at  07:28 AM | [Back to Top] | [Back to Main]
  • 3. · Cheryl, I do that too.
    I've been impressed by the ballpark itself, it's a beauty. Too bad we didnt need it and couldnt afford it. Like buying that hot italian car I always dreamed of, but letting my kids pay for it by forcing them into co-signing the loan and pusing th payments down the road for them to pay, long after I get the use of it while it is new.

    There is no responsibility in local government. none. Resposible people dont make such bad decisions. responsible people dont get headlines. Responslible people dont get elected, and if they do, they are run out of office in the second term by the headline-grabbers.

    Comment by chascolover  on  09/09/10  at  08:07 AM | [Back to Top] | [Back to Main]
  • 4. · Yep - I remember when this was first proposed for Hughesville, the state reps and commissioners were bound and determined to have it, despite the costs to the taxpayers!!

    It sure changed my opinion of those people as it exposed them for what they really were - tax and spend politicians who are in the "game" for themselves!!

    Now that it's here, it's up to the future state reps and commissioners to insure that new spending on this stadium is done responsibly so as not to give Peter Kirk and Brooks Robinson even more bucks than they've already swindled out of us!!!

    Comment by cheryl  on  09/09/10  at  08:21 AM | [Back to Top] | [Back to Main]
  • 5. · I read this article yesterday. Even though the specific example doesn't fit Charles County, the general gist of the article is spot on.

    It is odd when I talk to people and they say what a gem the stadium is...and then I ask them who paid for it and I get this blank stare.

    I was talking to a lady the other day and she said she didn't believe that the money spent for the stadium didn't impact the county budget at all. I almost fell over.

    Personally, I wonder if selling the damn thing, if they can get a bid for it, isn't a bad idea. For that matter we ought to sell the sucking money pit that is the Capital Clubhouse as well.

    Even a small loss now would be preferable to the continued drain on county resources for decades...and we could recoup the loss via property taxes.

    Comment by shadowdiver  on  09/09/10  at  08:37 AM | [Back to Top] | [Back to Main]
  • 6. ·
    she didn't believe that the money spent for the stadium didn't impact the county budget at all. I almost fell over.


    Unfortunately, most people think that these stadiums are financed just like any other business - by the owners/developers whatever.

    I have to shamefully admit that I used to be one of them! Then when I did my research and found out that most of them are financed with taxpayers dollars, plus the cost of infrastructure, I went ballistic!!

    I agree that a small loss is preferable to the continued drain on county resources, but as long as we have the Maryland Stadium Authority and state and local politicians who dismiss the costs to the taxpayers, nothing will change.

    Comment by cheryl  on  09/09/10  at  08:44 AM | [Back to Top] | [Back to Main]
  • 7. · Those bonds that were sold to finance the stadium.........someone has to service that debt and it sure as hell isn't the Regency Furniture folks !

    Comment by anserman  on  09/09/10  at  10:29 AM | [Back to Top] | [Back to Main]
  • 8. · Anserman...

    Exactly...money that was borrowed to pay for a ridiculous baseball stadium can not be used to pay for school construction or any other large, needed project.

    Funds that are used to pay principal and interest on that debt can not be used to give teachers, police or other public employees raises or prevent furloughs...

    It is a zero sum game...borrowed or earned money can only be spent once...it is how that money is spent that determines fiscal soundness.

    Comment by shadowdiver  on  09/09/10  at  03:35 PM | [Back to Top] | [Back to Main]
    • Page 1 of 1 pages

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