Cavaliers CEO: People should “make sure” to “celebrate” when we ask for $400M
Now that the Browns are moving out of the downtown area, residents are left to deal with two billionaire owners demanding countless amounts of money for upgrades. Most rational people would look at this situation and wonder why an owner like the Cleveland Cavaliers Dan Gilbert, with a net worth north of $20B, is not paying for 100% of his arena upgrades. The answer is because he knows that he doesn't have to pay for much, if anything at all, when it comes to his sports properties. He used his…
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The city of Cleveland continues to see little sin tax revenue all the while the Indians & Cavaliers are demanding $400M in upcoming repairs
Over the last few months, plenty of articles have been written about how exactly the city of Cleveland is going to pay for the millions and millions of upgrades that their local sports owners are demanding. Gateway Economic Development Corporation, the owner of the Cleveland Indians ballpark (Progressive Field) and the Cleveland Cavaliers arena (Rocket Arena), is supposed to pay for venue upgrades with revenues from a 1990 voter-approved sin tax. But the sin tax has never come close to…
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Houston Texans stadium continues to haunt local leaders as one of the worst financial stadium deals
Residents of Harris County should pay attention to this part because “taxpayers will have to pitch in to close that gap”. You better because the Texans, a team worth over $6 billion, are “frustrated” at the “lack of maintenance”. When Houston got the Super Bowl in 2017, the team got angry at the county because of their refusal to pay for expensive upgrades that would just be used for the Super Bowl. Don't you worry though, as city leaders got Super Bowl tickets for free, rather than having to…
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Cleveland will need to find a second source of revenue to pay off more Cavaliers/Guardians/Browns requests
Last year, I wrote a story that discussed how the local sports teams in Cleveland were continuing to fleece local taxpayers year after year. In 2014, the city of Cleveland allowed for an extension of revenue from a sin tax to be put into a pot of $260 million (used over the next 20 years) […]
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Anaheim Angels continue to violate their lease. Oh well, maybe next year
The facts, however, show otherwise. Since 2002, the Anaheim Angels have spent $54 million on capital repairs/improvements with $12 million coming from the city. Additionally, a number of the so-called improvement projects were just upgrades that the team wanted, such as replacing their scoreboard to a newer model. Building permits show that the Angels were spending money from their pockets so that they could buy the cool, new gadget and not the contractually obligated maintenance.
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Why on earth did Cleveland agree to fund repairs for the Cavaliers arena?
Cleveland. For the love of all that is holy and important. Stop agreeing to pay for all capital repairs for your sports teams. It is costing you SO MUCH MONEY. Your city already has so many financial issues to worry about. Will your local banks go bankrupt? Will your local health centers continue to lose […]
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