A good article from the New York Times that exposes the debt that still exists on many unused stadiums. The tax payers in New Jersey still have over $75 million in dept to pay off on the Izod Center, yet no professional sports teams play there any longer (the Nets & Devils have already said bye, bye). Indianapolis residents have over $60 million in debt yet to pay on the RCA Dome, even though the team is starting their second year at Lucas Oil Stadium. Both are ridiculously unfair to the taxpayers, but that’s the price you can pay in big time sports.
While I agree that these stadium finance deals can turn out badly for taxpayers, I do think more has to be considered than just the dollars. A stadium and the team that plays in it is a big part of the identity of a city. The Meadowlands and RCA Dome are landmarks in their cities, even once they are no longer in use. So while taxpayers need to be reluctant to pick up the entire tab on these stadiums, they don’t want to stop the next big sports venue from being built in their town.
