sports stadium financing in the 1990s Essay - 2859 Words

INTRODUCTION nbsp;nbsp;nbsp;nbsp;nbsp;The sentiment can be heard in any office break room, local tavern, or play field. The utter discontent of the increasing cost of attending professional sporting events. Distain ranges from players salaries to cost of parking and concessions. One local newscaster, channel 5 in Chicago, Illinois – April, 2003, reports that for a family of four to attend a major league baseball game on opening day costs between $160 and $200 dollars. nbsp;nbsp;nbsp;nbsp;nbsp;The precursor to this cost was a decade of skyrocketing salaries and the trend to build huge public ally financed megaplexis to house these professional athletes. The current response to this ostentatious decade is to put forth bills to†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;~ Daniel Sutter, â€Å"Public Subsidies for Sports Stadiums Don’t nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Spur Economic Growth† nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Some urban (stadium) facilities†¦.Built in blighted areas, nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;have had positive spin-off effects that no other type of nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;development could have matched due to the regional nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;support for professional sports. Not only did the facilities nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;stimulate development in the immediate area, but itShow MoreRelatedSpending On The Construction Of New Sports Facilities843 Words   |  4 PagesSpending on the construction of new sports facilities grew at a staggering rate post 2007. A total of 13.4 billion is being spent on around 81 arenas and other major as well as minor sport facilities in and around the U.S. at least through 2010. The association of exc eedingly high cost has put the subject of public financing of new stadiums and playing arenas under exceptional examination. The development of another stadium or playing arena is a costly job which these days can often surpass a fewRead MorePublic vs Private Funding Private Stadiums1133 Words   |  5 Pageswitnessed a massive transformation of professional sports stadiums in North America and the rest of the world. In the United States and Canada alone, by 2012, 125 of the 140 teams in the five largest professional sports leagues, the National Football League (NFL), Major League Baseball (MLB), National Basketball Association (NBA), Major League Soccer (MLS), and National Hockey League (NHL), will play in stadiums constructed or significantly renovated since 1990. This new construction has come at a significantRead MoreEssay about New Stadium1351 Words   |  6 PagesIntroduction Over the past decade more than a dozen new stadiums have been built within the United States. A sports facility has potential to become a major source of revenue, venue for advertising, and brings about economic and social benefits to the community. The goal of a new facility is to increase the fan base, boost revenue, and increase a team’s competitiveness. For cities to reap the benefits of a new facility there must be support from the city, as well as, support from city officialsRead MoreStadiums : Stadiums And Stadiums1587 Words   |  7 Pages Stadiums have evolved from wooden grandstands surrounding the playing field, to cookie cutter stadiums, to the massive luxurious attractions we see today. Stadiums are no longer simply a place where fans come to watch a game, but are â€Å"one-stop shops where fans can buy food, alcohol, and souvenirs. Owners want their stadiums to be state-of-the-art with all the amenities and with the most luxury suites as possible† (Johnso n). The issue with stadiums in today’s sporting world is not the size or costRead MoreManchester United ( Nyse : Manu1880 Words   |  8 Pages’ the organization originally represented the Lancashire and Yorkshire Railway department of Manchester, before splitting off into private ownership in 1892 (History, n.d.). It has since transformed itself into an independent sports club and a globally-recognized sports entity. In its 136 year history, Manchester United has amassed 62 trophies, including an unsurpassed 20 domestic English league titles (History, n.d.). The club has a cumulative audience reach of over 3 billion fans, with 47 millionRead MoreBusiness Activities : Inbound Logistics1699 Words   |  7 Pagesaffected its sales, particularly its commercial business. Outbound Logistic Warehousing finished product and categorized each products based on its product line and distributed as orders data. Recalled that Daktronics had five major products lines – sports, video, automated rigging and hoists, transportation, and commercial. Marketing and Sales As mentioned about marketing above, Daktronics had a wide range of high quality products, from the simplest until the most complex system, with price rangeRead MoreThe Popularity Of Professional American Football2100 Words   |  9 Pagesto get together and socialize and celebrate. Many of the teams today have built large stadiums that are partly paid for by these same fans. For example, when the Pittsburgh Steelers were building their new stadium, they looked to the fans for help pay for it. To raise their share of the cost of the stadium, the Steelers sold â€Å"personal seat licenses†, a financial arrangement sometimes found in stadium financing. Steelers’ supporters paid an average of $1,600 for the right to buy future season ticketsRead MoreMinding the Business of College Athletic Programs7955 Words   |  32 PagesNews Introduction Be a sport, young people are admonished. Play fair. Play by the rules. Everywhere in the developed world, sports are raised high up on social pedestals as redeeming activities that characterize the best of the human spirit, fair competition, and physical achievement. Society welcomes athleticism due largely to anticipation of the wholesome and upstanding values with which it is associated. Character is said to be built through participation in sports. While certainly thereRead MoreManchester United case Essay2665 Words   |  11 Pagesand financial part and in the other hand the sport-performance of the team. Let’s start with the financial and commercial part, as we have mentioned before Manchester United 3 main sources of revenue are: -Match-day revenues. Expansion of the stadium in 2006 gave a substantial boost to Manchester United’s revenues primarily from the 7500 additional seats. Since is a revenue generated mainly by fans’ attendance, increasing the volume of the stadium means more places for them which ultimately translatesRead MoreEssay about Politics and the Modern Olympics1984 Words   |  8 PagesAt first thought, it may be difficult to understand any possible connection between sports and politics. The New International Websters Dictionary of the English Language defines politics as the science of government, and sports as a particular game or physical activity pursued for diversion. On the surface the two concepts have very little in common, yet their connection can be traced to antiquity and the first organized sporting events. The first Olympic games took place in Greece in the