Essay on Funding of Sporting Facilities

Essay on Funding of Sporting Facilities

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Over the years there have been many new state of the art sports stadiums that have been built in the United States. In fact from 1993 until 2013 there were 101 new sports facilities built on American soil, most notably AT&T Stadium (formally known as Cowboy Stadium) home to the Dallas Cowboys in 2009. Owner of the Cowboys and AT&T Stadium, multi-billionaire Jerry Jones set a new precedent in regards to sporting facilities but the one thing that AT&T stadium has in common with almost all of the other sporting facilities built over the past 20 years, is that they all received direct public funding. The typical justification for a large public investment to build a stadium for an already wealthy sports owner has to do with creating jobs or growing the local economy. Although the opening of new sporting facilities provides many opportunities, according to Aaron Gordon, not only are most of the jobs created by stadium-building projects are either temporary, low-paying, or out-of-state contracting jobs none of which contribute greatly to the local economy and are known as poor public investments. The research intends to explore if publicly funded sporting facilities are a poor use of the millions of dollars drawn out from the public.
Preceding the review there are several key terms that must be explained. Bonds are the most common way for a city or county to generate the needed money that is a debt investment in which an investor loans money to an entity that borrows the funds for a defined period of time at a fixed interest rate (Sawyer, 2006). Hard Taxes include taxes on income, real estate, personal property and general sales. Hard taxes frequently entail voter’s authorization, because the burden of payment fall direct...

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Kosik, M. (2011). Funding options for sports organizations. Sport Science Review, XX, 161-170.
Long, J. (2005). The Real Cost of Public Funding for Major League Sports Facilities . Journal of Sports Economics, 119-141.
Rebeggiani, L. (2006). PUBLIC VS. PRIVATE SPENDING FOR SPORTS FACILITIES - THE CASE OF GERMANY. Public Finance and Management, 424,429-435.
Santomier, J., & Gerlach, J. (2012). Public policy and funding new york's new sports venues. Sport, Business and Management, 241-262. .
Sawyer, T. H. (2006). Financing facilities 101. Journal of Physical Education, Recreation & Dance, 23-28.
Siegfried, J., & Zimbalist, A. (2006). The Economic Impact of Sports Facilities, Teams and Mega-Events. Australian Economic Review, 420–427.
Skoric, S., Bartoluci, M., & Custonja, Z. (2012). Public financing in croatian sport. Financial Theory and Practice, 179-197.

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