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IPFS News Link • Business/ Commerce

Sports Stadiums Are Bad Public Investments. So Why Are Cities Still Paying for Them?

• https://www.youtube.com, ReasonTV

"And then we're going to give money so a bunch of corporate executives can watch a football game eight times a year? It's absurd." 

When the Inglewood City Council voted unanimously to approve a $1.8 billion stadium plan on February 24th, hundreds of football fans in attendance cheered for the prospect of a team finally returning to the Los Angeles area. 

On it's face, the deal for the city of Inglewood is unprecedented—Rams owner Stan Kroenke has agreed to finance construction of the stadium entirely with private funds. The deal makes the stadium one of the most expensive facilities ever built and is an oddity in the sports world, where most stadiums require millions in public dollars to be constructed. 

And while the city still waits to hear if it will indeed inherit an NFL team, the progress on the new privately-funded Inglewood stadium has set off a bidding war between other cities that are offering up millions in public subsidies to keep (or attract) pro-sports franchises to their area. 


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