Applied Economics teaches the Sacramento Kings how to polish a small turd into a large diamond
Didn't Sacramento arena critics foresee this exact issue in 2013-2014, when the deal was being discussed publicly? Why yes, they did. Not to worry, though, as “city officials…insisted it wasn’t likely” that the city would ever need to dip into their general fund since parking revenues would always cover the yearly bond payments. You see, the arena deal “protects the general fund” as arena supporters claimed in 2013.
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Chattanooga’s ballpark costs continues to rise, supporters still claim the ballpark will pay for itself
In Chattanooga, the price of their new ballpark continues to skyrocket. If you remember, two years ago, the city was facing fierce opposition from locals who didn't want to give any taxpayer money towards a new ballpark. But the city decided that this new ballpark would be a “home run for the community” and approved the deal. This meant the city would be putting up roughly $80 million dollars for the project.
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Sacramento Kings arena is losing money. MLS keeps turning down city expansion efforts. Mayor thinks more sports teams would help
Did we mention that San Diego, the city who did win the expansion team, paid a $500 million expansion fee? That is three times what their proposed stadium was supposed to cost. Yikes. The mayor also seems to enjoy telling the public how much he is doing behind the scenes. He can't just tell us because...he can't. He told the Sacramento Bee that when it comes to whether Sacramento will get an MLS team, the mayor wishes that he “could tell you and the public everything, but I can't”. What about…
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The Sacramento Kings arena has revenue questions both for today and in the future
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 pay off the yearly bond payment.
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