Taxpayers Still on the Hook for Stadium Debts, Even Though Coronavirus Canceled Sports

[linux07]

The Pawtucket Red Sox's final season was supposed to be hitting its midpoint right about now. After 51 years in Rhode Island, the "Paw Sox" are scheduled to decamp to Worcester, Massachusetts, where city officials have used their eminent domain powers—and taxpayers' money—to lure the team to one of the most expensive minor league ballparks ever built.

The coronavirus pandemic has delayed, and maybe fully canceled, the team's season-long goodbye to Pawtucket. In Worcester, meanwhile, the COVID-19 outbreak should cause city officials to worry they might have made a huge mistake.

The Massachusetts city issued more than $100 million in bonds to pay for the construction of the ballpark, two adjacent hotels, an office park, and a collection of apartments, restaurants, and bars. Almost all of that could have been funded by private developers, but the city decided to take the risk itself.

Taxpayers Still on the Hook for Stadium Debts, Even Though Coronavirus Canceled Sports

The Pawtucket Red Sox's final season was supposed to be hitting its midpoint right about now. After 51 years in…

reason.com

 

[Asclepias]

Thats capitalism in action.

 

[candycorn]

The Pawtucket Red Sox's final season was supposed to be hitting its midpoint right about now. After 51 years in Rhode Island, the "Paw Sox" are scheduled to decamp to Worcester, Massachusetts, where city officials have used their eminent domain powers—and taxpayers' money—to lure the team to one of the most expensive minor league ballparks ever built.

The coronavirus pandemic has delayed, and maybe fully canceled, the team's season-long goodbye to Pawtucket. In Worcester, meanwhile, the COVID-19 outbreak should cause city officials to worry they might have made a huge mistake.

The Massachusetts city issued more than $100 million in bonds to pay for the construction of the ballpark, two adjacent hotels, an office park, and a collection of apartments, restaurants, and bars. Almost all of that could have been funded by private developers, but the city decided to take the risk itself.

Taxpayers Still on the Hook for Stadium Debts, Even Though Coronavirus Canceled Sports

The Pawtucket Red Sox's final season was supposed to be hitting its midpoint right about now. After 51 years in…

reason.com

Very true. What you left out though is that (at least in many other cities) whether the team plays or not or folds or wins or loses, the taxpayers are on the hook and usually only a small fraction of them ever go into the stadium.

 

[Osiris-ODS]

Thats capitalism in action.

You think the government paying for the development of a sports facility and adjacent buildings, at taxpayer expense by issuing a citywide tax, is capitalism? LOL

 

[Oddball]

Thats capitalism in action.

Crony capitalism and corporatist socialism/fascism, yes.....Laissez-faire capitalism, no.

 

[Asclepias]

Thats capitalism in action.

You think the government paying for the development of a sports facility and adjacent buildings, at taxpayer expense by issuing a citywide tax, is capitalism? LOL

Are they making a profit?