• Loading stock data...
Sunday, June 16, 2024

Teams Scoring Billions in Public Funds for New Stadiums, Renovations

  • Teams have secured at least $4.3 billion in public stadium funds since 2020, with more on the way for the Buffalo Bills and Tennessee Titans.
  • Studies have questioned whether sports venue financing benefits taxpayers.
Arial view of Allegiant Stadium in Las Vegas
Kirby Lee-USA TODAY Sports

Sports teams looking for new homes could one day face a different financial landscape, but for now many are cashing in on public funds.

Since 2000, professional sports teams have secured $4.3 billion in public funds for stadiums and arenas, with more on the way, per CNBC. A separate source put the figure at an inflation-adjusted $27 billion since 1990.

  • The Tennessee Titans future domed stadium is estimated to cost $2.1 billion, with Nashville providing $500 million in direct payments and $760 million through revenue bonds.
  • State and local governments agreed to cover $850 million of the coming $1.4 billion Buffalo Bills stadium.
  • The Oakland A’s have agreed to privately fund a new $1 billion stadium and surrounding $12 billion waterfront development, provided that Oakland can secure state and federal funding for infrastructure improvements beyond the $279.5 million already in the state budget.

Major League Baseball commissioner Rob Manfred has sought to maintain a precedent of all new stadiums receiving public contributions.

Is it Worth It?

Studies have found that taxpayers do not recover the amount they give up through increased revenue, tourism, and other sources.

An analysis of 130 studies on the economic impact of sports teams and venues found that they “are not associated with having strong economic impacts on local communities.”

Las Vegas officials claim to be on the way to recovering their $750 million investment in the $1.9 billion Allegiant Stadium.

Legislation to bar public funding for stadiums has been introduced in the last two sessions of Congress but has yet to become law.

Copy Link
Link Copied
Link Copied

What to Read

Back in the ’Burbs? Bears Weighing Renewed Stadium Interest from Cities

Two suburban jurisdictions renew their efforts to land the Bears, despite the team’s downtown stadium plans.

Done Deal: Utah Hockey Club Unveils Identity, Colors, and Jerseys

The newly established NHL franchise selects a color scheme and temporary name.

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
podcast thumbnail mobile
Front Office Sports Today

How the US Open is Designed for Drama


Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Rays Nearing $1.3B Stadium Deal, Clear Path to St. Pete Commitment

The St. Petersburg city council gives preliminary approval to the Rays’ $1.3 billion stadium project.
June 5, 2024

Kansas Makes Timely Play for Chiefs Stadium: Why It Could Happen

State legislative leaders publicly back consideration of funding for a new Chiefs stadium.
June 6, 2024

Where Will the Browns Play Next? Team Has Viable Stadium Options

Both the city of Cleveland and suburban Brook Park heighten their stadium pitches to the Browns.

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 3, 2024

Panthers Propose $800 Million in Bank of America Stadium Renovations

The Carolina Panthers would be on the hook for maintenance and overruns.
Jun 4, 2023; New York City, New York, USA; Exterior view of Citi Field prior to a Major League Baseball game between the New York Mets and the Toronto Blue Jays at Citi Field.
May 29, 2024

Mets Owner Steve Cohen’s Parking-Lot Casino Hopes Are Dying

The state senator announced she won’t introduce legislation required to advance the project.
May 28, 2024

‘Time Is Money’ for the Bears’ New Home. Now the Wait Is Even Longer

Illinois legislature set to adjourn spring session without considering the team’s funding request.
May 23, 2024

Selling Coliseum Site Is a ‘Headache Off of Oakland’s Plate’

The city announced plans to sell its stake for a minimum of $105 million.