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New Bills stadium deal is bad for taxpayers, according to Yahoo!


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https://www.yahoo.com/news/ive-studied-stadium-financing-over-121246769.html


“As a sports economist who has studied stadium deals for over two decades, I am not exaggerating when I write that the New York Legislature has managed to craft one of the worst stadium deals in recent memory – a remarkable feat considering the high bar set by other misguided state and local governments across the country.”

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This guy can go kick rocks for all I care. What a noodge! Most tax money goes to nonsense anyway, so why not use it to keep the bills where they belong?!? 

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Hmmm....where have I read this before?

 

"The Bills and their owners, Terry and Kim Pegula, don’t need a handout. With a net worth of $5.8 billion, Terry Pegula ranks as the ninth-richest owner in the NFL. The generous revenue-sharing structure of the NFL means that even playing in one of the league’s smallest markets, the Bills have earned over $300 million in operating income since the Pegulas purchased the team for $1.4 billion just seven years ago. And since then, the value of the Bills has risen by another $900 million. The Pegulas have earned enough on their investment in just seven years to pay for the entirety of a new stadium on their own."

 

Dude should cite his TSW sources...

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They are always bad for the tax payers, the wholeNFL stadium process is a con job that politicians and tax payers fall for every time, 

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9 minutes ago, Mr. WEO said:

Hmmm....where have I read this before?

 

"The Bills and their owners, Terry and Kim Pegula, don’t need a handout. With a net worth of $5.8 billion, Terry Pegula ranks as the ninth-richest owner in the NFL. The generous revenue-sharing structure of the NFL means that even playing in one of the league’s smallest markets, the Bills have earned over $300 million in operating income since the Pegulas purchased the team for $1.4 billion just seven years ago. And since then, the value of the Bills has risen by another $900 million. The Pegulas have earned enough on their investment in just seven years to pay for the entirety of a new stadium on their own."

 

Dude should cite his TSW sources...

 

300 million over 7 years doesn't seem like a lot and i doubt that is even net income. Projected over 30 years it might barely cover a new stadium? 

 

Meanwhile they keep the team here and NY/Erie County rake in the tax revenue from players contracts, coach contracts, organizational payroll, ticket sales, merchandise sales, etc etc etc. 

 

The fairest way is a split between public and private funding which is what they did. Yes the state paid a bit more but they dont have the leverage being a small market team.

Edited by What a Tuel
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The author does not know the area.  He says that stadiums are bad neighbors and creates little incentive to invest in surrounding neighborhoods.  In the next paragraph he complains that the stadium is isolated   That isolation kept the costs down.   The downtown stadium would have increased the cost to a level no one could support.  

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Blah, blah, blah. We really need another topic on this? What's the point? Do we have a need to self-immolate ourselves on a daily/hourly basis. Do Bills fans need to constantly reminded that tax-payer paid for stadiums aren't the best investments on earth? This is how over 75% of ALL the stadiums/arenas are paid for in the USA. Your right, maybe the Bills should leave and let the states of Texas, California, Oregon, or Utah etc. gladly pay for a Bills stadium, but we will be able to sleep at night knowing we saved ourselves about $100 bucks in state taxes over the course of 30 years! How small can you be? How little do you earn that this is a big deal in your lives? Small consolation prize for watching our Bills become the San Diego Surfers, or the San Antonio Alamos, while Buffalo is stuck back in  permanent exile of being a nowhere rust belt place where the only headlines are bad weather, and murders. For those miserable folks who constantly B word about this. Grow up. Get a better job where a $100 bucks in extra taxes (Total) don't ruin your life.                      

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The guy is from Massachusetts…….   He vastly underestimates the value of the Bills for the Buffalo area.  Very one sided article. If he’s an expert, he just devalued his own “franchise “ with what appears to be a much more subjective than objective article. 

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