Field of Schemes @fieldofschemes
Sports stadium and arena news by Neil deMause (@neildemause), co-author of the book Field of Schemes. @[email protected] fieldofschemes.com Brooklyn, NY Joined April 2009-
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For sales taxes to cover debt payments, each Royals fan would have to spend $700 on taxable goods, while each Chiefs fan would have to spend $2,100 — and that might not even include tickets, which could be tax-free. fieldofschemes.com/2024/05/01/213…
As we've seen with the Chicago Bears, infrastructure costs can be massive, as much as half the cost of a stadium. If that were the case with the Browns, state and local taxpayers could end up on the hook for as much as $1.875B. fieldofschemes.com/2024/04/30/213…
Tl;dr: Now that Chiefs owner Clark Hunt (net worth $2B, family net worth $24.8B) isn't getting $250m in tax money from Jackson County, he has to think about the best way to get some other money from someone else. fieldofschemes.com/2024/04/29/213…
Saying a Bears stadium would involve $6.3B in spending over time is overstating things. But we're still talking about an extremely real $2.65B worth of present-day public money, which there is no possible way Chicago taxpayers would ever get back. fieldofschemes.com/2024/04/29/213…
Slight problem with this narrative: LoDo redevelopment began: 1988 Coors Field opens: 1995 Lodo is a great place to visit, but it wasn't created by the stadium. In fact, the best parts are not near the stadium.
Slight problem with this narrative: LoDo redevelopment began: 1988 Coors Field opens: 1995 Lodo is a great place to visit, but it wasn't created by the stadium. In fact, the best parts are not near the stadium. https://t.co/66qnhts2iG
Asked what would happen if the Bears got $1.225B for a stadium and not $1.175 billion in "optional" public money to build new garages and park space, CEO Kevin Warren said: “I’m not going to think negatively about that." So, not really optional then. fieldofschemes.com/2024/04/26/213…
Those future property tax breaks would be worth roughly $400m in present value by my math. So we're now talking about potentially $2.8B in public money for the Bears, and counting.
Those future property tax breaks would be worth roughly $400m in present value by my math. So we're now talking about potentially $2.8B in public money for the Bears, and counting.
Taking this tax $$$ and extending the collections for 40 years is definitely a new tax and not a small amount of money. We are talking about a projected $100M per year and beyond.
Taking this tax $$$ and extending the collections for 40 years is definitely a new tax and not a small amount of money. We are talking about a projected $100M per year and beyond.
Even at $1.225B, the Bears plan would be one of the largest public subsidies ever for a private stadium; if that "optional" infrastructure turns out not to be so optional and the true taxpayer price tag is more like $2.4B, it would shatter all records. fieldofschemes.com/2024/04/25/213…
“This project will result in no new taxes on the residents of Chicago.” — Chicago Mayor Brandon Johnson. And where would the reported $1.5-2B in public stadium and infrastructure spending come from, if not new taxes? "..." — Chicago Mayor Brandon Johnson fieldofschemes.com/2024/04/24/213…
There's another way of looking at this: White stood his ground in refusing to give in to team demands, and the owners tried to go around him directly to county voters, who likewise told them to kick rocks. That's not a failure so much as tough negotiating. fieldofschemes.com/2024/04/24/213…
Tl;dr: The Bears and White Sox owners are still asking for close to $2 billion in tax money each to help pay for new stadiums so they can make more money, but they want it to seem like a bargain. fieldofschemes.com/2024/04/23/213…
It's entirely possible that the move of the Coyotes from Arizona to Utah could end up triggering a billion dollars or more in public costs across two states, all so that two NHL team owners can get new arenas without dipping too far into their own pockets. fieldofschemes.com/2024/04/22/213…
"I hope future errors you make are met with more kindness than some of the responses I received," tweeted Danielle Gallant, presumably inviting those among you who haven't accidentally given $600m to a billionaire sports owner to cast the first stone. fieldofschemes.com/2024/04/19/213…
Economists are actually very much in agreement on whether the Coyotes leaving will have a significant impact on the Arizona economy (LOL, no), except for the one guy who used to work for the Coyotes. The answer must lie somewhere in the middle! fieldofschemes.com/2024/04/18/213…
Cards president Bill DeWitt III didn't say how the money would be raised, likely because he and his dad haven't figured that out yet; and likewise didn't go into detail about how they expect to pin the tab on taxpayers when their lease runs through 2041. fieldofschemes.com/2024/04/17/213…
That Reinsdorf's stadium partner is a billionaire with a history of light murder plots may not be the most important part of his $2B White Sox subsidy demand, but it's not going to help at a time when state officials are already unenthused about the idea. fieldofschemes.com/2024/04/16/213…
You can see where someone in the NHL may have made a case for "We want a team in Arizona but don't have an arena yet, and we have a guy in Utah who wants a team right now, maybe this can be the beginning of a beautiful friendship? Also, $200 million cash!" fieldofschemes.com/2024/04/15/212…
While construction costs will be covered by NYCFC owners Hal Steinbrenner and Sheikh Mansour, still unknown are the exact cost of property-tax breaks and discounted rent (initial independent estimates were $516m) as well as city infrastructure spending. fieldofschemes.com/2024/04/12/212…
Utah's $500m in public money is certainly tasty to the league; Salt Lake would also be by far the smallest market with both NBA and NHL teams. It would be a major bet on giving a team to any place offering taxpayer cash and an owner who'll overpay for one. fieldofschemes.com/2024/04/11/212…
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JackCo vote mailers focused on Chiefs. JackCo vote probably passes if only for Chiefs. KS promo video focused on Chiefs despite the legislation allowing multiple facilities. The optics for the Royals are terrible here. I hear Oakland still wants baseball.
Will never be able to listen to Duke Ellington again without thinking that a 20-year-old student journalist is going to break in and give me an update on the Columbia encampment
They obviously need a new ballpark.
Tonight’s game has been delayed due to a bee colony forming on the protective netting behind home plate.
I almost just fell out of my chair. 💯
The Chicago Bears on Wednesday will for the first time discuss their proposal for a lakefront stadium with two top aides for Gov. J.B. Pritzker, who already has publicly and privately criticized the use of public subsidies for new sports stadiums. trib.al/q4YVnM4
What could possibly go wrong?
Dave & Buster's will begin allowing customers to bet on arcade games “Customers can soon make a friendly $5 wager on a Hot Shots basketball game, a bet on a Skee-Ball competition or on another arcade game.” on.nbc10.com/n1G4KHf
KS making a run at Royals+Chiefs w/ a STIF. Big risk to taxpayers. Sales tax is relatively income elastic, so macro slowdowns will force gen fund transfers. Unknown if teams will pay rent, share revenue, or will get tickets exempted from sales tax. kmbc.com/article/jackso….
Like I’ve always said. He’s gonna need an investor to come on board and get this across the finish line. The fact that we’re this far along and he hasn’t found one is… Well…
Athletics hire investment banker to secure $500 million in private financing latimes.com/sports/story/2…
Shoot anything that flies, claim anything that falls.
A new report by economic development watchdog Good Jobs First finds that New York's agencies are specifically incentivized to give out as much taxpayer money as possible, in order to pad their own bottom lines. reason.com/2024/04/26/the…
Wow. This is so disingenuous. This is in no way a “free stadium.”
The next item on Mayor Brandon Johnson's progressive agenda: A new Bears stadium. Will his coalition embrace it?, from @byaliceyin and @JakeSheridan_. chicagotribune.com/2024/04/28/chi…
This is a totally made up number.
EXCLUSIVE: Atlanta and Savannah are pursuing a bid to get the Sundance Film Festival. The Sundance Institute is seeking possible alternative cities to its current home base of Park City, Utah, where it's been based since 1981. ajc.com/things-to-do/g…
Spoiled brat who inherited his team from his dad demands taxpayers build him a new stadium ... or else.
Chiefs owner says leaving Arrowhead Stadium is an option after sales tax funding was rejected apnews.com/article/chiefs…
I just want to make sure I understand the rules. I'm not allowed to comment on stadium proposals for anywhere other than where I live. Unless the stadium is being built a few miles from my house, then I have to defer to an incompetent team-hired shill from Massachusetts. Got it.
@fieldofschemes Sent an email but here's the breakdown: SF (71-01) $34m SF (04-33) $294m Proposed (34-73) $688m [3% over 40yrs] Based on $1.5b counterfactual cost. Once we know what PP & soft costs are, $688m will come down some. These costs need to be excl from a real prop assessment.
It's pretty sad that the folks supporting a new stadium don't realize that this is evidence *against* spending billions on a new stadium. The big acts are already coming to Chicago. They're not going to skip it...or stay 20 days.
Another howler. My research is outdated? The paper he's referring to is so new it isn't even in print yet. I'm literally citing the most recent research. I just participated in publishing the most comprehensive and up-to-date survey of research last year. x.com/jc_bradbury/st…
@dlm_bmlawkc This is a good thread. Helpful to the discussion. I also note Bradbury’s compilation is of research also lacking in substance, and much of it dated. It’s actually not that difficult to calculate downstream economic activity— just none of these researchers thoroughly does it. /1
If only there was a way to create a cool downtown without a billion-dollar ballpark. St Pete, Nashville, Portland, Austin - you got any ideas?
Shortsighted Kansas City turned down Denver-style prosperity by rejecting new stadium | Opinion kansascity.com/opinion/reader…
@humphreys_brad LOL. I hadn't realized I had "interacted" with this guy before. Dennis was the one who shared the paper with him in the first place. x.com/jc_bradbury/st…
When you don't check Google before hitting reply.
@CBCScott “a previously unreported fund of cash”?!? Seriously? This is journalistic malpractice. Do better.
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