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Originally Posted by combustiblefuel
To be fair in the grand scheme of things professional sports are a huge waste of money. Considering the 500 million that would simply buy a buildimg for millionaires to play sports or millionaire singers to play in that money could be better spent on transit, schools , affordable housing and lowering medical clinic costs......
That being said from someone who is very pro sports but to say it is embarrassing for a city to not want to shell out for non essentials is embarrassing. Its not the end of the world if a city didnt have pro sports.
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To be fair it's not pro sports that's broken its a market regulation problem in North America. With about $30 million / year in mortgage payments you could finance a $500M building for 25 years.
The waste of money doesn't seem to be a revenue problem for these teams, its payroll problem. If the Salary cap was at $50M instead of the high 70s and every team was required to allocate a minimum of $25M annually to building costs or savings for building replacement, this would be a non-existent problem, and it would not water down the sports a drop.
The problem of course is that you need about 200 sports teams across a half dozen leagues too collude on this to change the culture of pro sports in North America.
Currently the market incentive is to spend, spend, spend on players and promotions, until you have a facilities problem. Then hold a gun to the head of people who are not in a position to fully understand the cost implications of the buildings, but are emotionally involved and have the power to hire/fire those who can bail out the team.