For me another issue that the economic models do not capture is impact on attracting indirect discretionary investment/spending. A big 4 sports team is a headliner profile wise. I genuinely think it's something a lot of people with choice consider when they decide where they want to travel, live, invest and start businesses/work.
There are folks who do not value sports as highly certainly but for me having had the experience of living in a smaller city and a bigger one, entertainment options are one of the primary differentiators in favor of the larger centre offsetting often worse commutes, higher cost of living etc.
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