The NBA will now be in charge of seeking a public/private funding deal for a new stadium in Sacramento.
“The billionaire Maloofs have been roundly criticized by local taxpayers’ groups for seeking public funding for a proposed multi-use arena in downtown Sacramento or north of town near Arco Arena, the Kings’ aging current home.
…they have requested that we take a leadership role in helping them achieve that goal,” Stern said.
I give Stern and all professional sport organizations are resounding Phfffbt!
Granted, professions sport owners, for the majority are not in the business of owning stadiums. I understand that. I understand that the concerts and monster truck pulls that are held in those arenas are not what a professional sport owner wants to have to deal with.
What those same owners lack in perspective, is that they need to prove to the public that if the public puts money up for a stadium, at least an equal or greater portion of the money the owners are looking to increase into their wallets also makes it into the public economy.
The public shouldn’t be expected to be in the practice supporting owners making more money while the public gets stuck with increased taxes and a big thank you for increased ticket prices, parking, hotels, etc.
I can tell from experience, that as an AZ resident, I feel like walking around with a sign which says “Sucker” as it relates to the great deal we just gave the Cardinals. We just gave the Cardinals a brand new stadium, gave them the naming rights, the parking revenue, a sold out season, and a whole lot more… in return:
…A 1-8 team (as of Nov 15th) which is $10 million UNDER the salary cap BEFORE all the great revenue the team should make this year.
Maybe an amendment should be made to the Fans Collective Bargaining Agreement.
Professional franchise owners should beware that they don’t push their main revenue stream away. While the real money is in the TV contracts, what would that broadcast look like if there were no fans in the room?