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The Financial Aspects of Governmental Stadium Subsidies in the United States - Assignment Example

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This assignment provides an in-depth analysis of the positive and negative aspects of the use of governmental stadium subsidies in the United States. The writer attempts to argue the budget allocation by the US government in regard to subsidies for building professional sports facilities…
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The Financial Aspects of Governmental Stadium Subsidies in the United States
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Download file to see previous pages Professional sports teams were an integral part of the US culture during the 20th century and its popularity in the 21st has continued to climb. Americans are very passionate about their sports especially baseball, basketball, and football. Having a professional sports team in a city is good for the local economy since sports-related activities spur the internal economy of the nearby neighborhoods where stadiums are located. The cities that have professional sports teams in their boundaries want to keep their sports team and many other cities seek to acquire teams all across America. Sports owners know that their entertainment product is in high demand, thus they have used this fact to influence local governments to help them build new stadiums. Some owners have threatened to leave if one is not provided, while cities without spots have utilized the offering of a new stadium to attract expansion teams and relocation of establishing franchises into their communities.
The offering of a new stadium has been used by governments as a strategic move to ensure professional teams stay in their communities. When new stadium are build these construction projects bring an influx of new jobs in the short term during the construction phase. Once they are built permanent jobs are created for maintenance, security, food merchants, and administrators of the stadiums. Since the new buildings are larger than the old facilities the city receives higher property taxes and overall tax revenues associated with the team having facilities that can hold larger crowds which translates in higher attendance during home games. Another economic benefit associated with building a new stadium is a positive effect from economic externalities. The creation of a new stadium is supposed to increase the aggregate income of an area by generating increase spending on lodging, meals, travel, and entertainment activity in the surrounding neighborhood to the arena (Groothouis, et al.).  ...Download file to see next pagesRead More
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