Seattle reporter Danny Westneat says Seattle politics got Ballmered. It’ll be interesting to see if he’s right, because that implies maybe other cities as well..?
“The project backers have been adamant they need $200 million in bonds from the government as a way to get the upfront capital to both build the arena and buy a team… “Given the significant financial risks the investor group is shouldering and the amount of equity financing required for the team and Arena (well over $300 million), the investor group believes that the public contribution requested is required to make the project financially viable.”
Given that the Clippers just got a price tag of $2 billion… and although it may have been well above all other offers, it was apparently one of five and least one other offer beat out most profit-assessed valuations of the team (which Forbes sez is only worth $575 million)… how much straight-faced argumentation is going to be pitched at city councils regarding stadium redesigns and city bond issues, now?
I mean, if you’re looking to get (re-)elected, can you really afford to throw a few hundred million dollars of taxpayer money at a sports team at this point, without making yourself into a laughingstock?
(image credit: Rex Features, from The Guardian)
While Ballmer was quite willing to pay 2GB for the team, there’s no reason to think that, if it had only cost him 1.7GB, he would have been then willing to put 300MB into an arena. The former was the cost of outbidding the competition, which made him a winner the other would mean paying for what team owners generally get for free, which would make him a sucker. Wait until a city that has a shot at a major sports franchise says “no dice unless you pay for your own fishing stadium” before you declare the era of giveaways over.Report
Seems to me that Seattle needs to gussy itself up to attract a team in a way that Los Angeles doesn’t (to keep a second one).Report
Actually, I think it’s more likely that the NBA owners like Seattle around as a possible place to move to extract that sweet, sweet taxpayer money from their current homes like NFL ownership enjoys the spectre of a move to LA being held every marginal NFL team.Report
I think you’re right, And it certainly worked for the NBA in Sacramento.Report
Has there ever been a time when city officials worked out a sports stadium deal with a team of professional investors and without getting taken to the cleaners?Report
Yes!
(by taking somebody else to the cleaners. and then some)Report
Bill the Cat > Gene Simmons > Miley Cyrus > Steve BallmerReport
Yeah pretty much.Report
Swap the last two and I’m okay with thatReport
From what I’ve been hearing voters are turning against funding sports stadiums and events like the Olympics.Report
Yeah, so I support stadium construction though higher taxes on something via a “public private” partnership, then go to the stadium, pay high fees to park, eat, entrance, etc. and it’s “good for the taxpayer”? BS.
They should just end those damn deals.Report
Politicians seem to think that the voters will toss them out if they play hardball with sports team owners, alas. Believe me I despise it as a Minneapolis resident looking bitterly at our Baseball and now football stadium boondoggles. I don’t make idiot sports fans pay for my hobbies.Report