The Spurs Sports & Entertainment (SS&E) owe the city of San Antonio and Bexar County $5 million because of a failed 2015 MLS bid. The city, county, and SS&E were all involved in the bidding for a team and signed an agreement stating that SS&E would pay $5M if the bid didn't produce an MLS team. Yet, to this day, SS&E has not paid for it, nor has the city tried to push the team…
Last year, local taxpayers provided Leonsis with $515 million of taxpayer money to purchase and renovate the arena. Washington, DC, an area that was deep into an economic crisis last year and still is this year, gave a man with a net worth of $4 billion that amount of money? In fact, why on earth is DC buying the arena? Oh, that is right..."so Leonsis and his partners won't have to pay taxes on the…
Mexico, the United States, and Canada will jointly host the 2026 World Cup. As the event approaches, cities are getting prepared for the upcoming games. It is rather surprising to see how different cities are reacting to the World Cup approaching. Some cities are outraged at the rising costs, some cities are falling in love with their economic impact projections, and some are just happy to have the games coming to their city. Unfortunately, some…
The ballpark was to be built for the Biloxi Shuckers, the Class AA affiliate of the Milwaukee Brewers. In 2015, the city spent $36 million to build a new ballpark. Mississippi Gov. Phil Bryant claimed the new ballpark “would be an economic development driver for the area”. A local foundation estimated that this new ballpark would result in “an additional $10 million annually in visitor spending”. As AL.com notes, the ballpark came with a “promise…
Sacramento's debt manager recently announced that at the end of 2024, a city assessment will need to be done to figure out how the city will pay off the arena's bond debt. The city may be forced to dip into their general fund to pay off the bonds that are due. Similar to what the city had to do in 2021-2022 when arena revenues were again down to a point where the revenues did not…
Last week, Crain’s Chicago Business had a good article discussing the financial issues that the city is facing with the current Bears stadium. Even though the Bears are trying to scam another city into paying for a new stadium, their current one continues to cost the city of Chicago millions of dollars. Basically, the city […]
Several days ago, the City of Richmond came to an agreement with the developers of the Richmond Flying Squirrels, a minor league baseball team. For years, the Squirrels have been threatening to relocate unless they were built a brand-new ballpark. When the owner wasn't threatening to leave, Major League Baseball (MLB) would step in and demand upgrades to the ballpark on the taxpayers dime. This year, MLB demanded that Richmond update the ballpark to the…
