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“Our conclusion, and that of nearly all academic economists studying this issue, is that professional sports generally have little, if any, positive effect on a city’s economy,” Humphreys and Coates wrote in a report issued last month by the Cato Institute in Washington, D.C.
“The net economic impact of professional sports in Washington, D.C., and the 36 other cities that hosted professional sports teams over nearly 30 years, was a reduction in real per capita income over the entire metropolitan area,” Humphreys and Coates noted in the report.
• a statistically significant negative impact on the retail and services sectors of the local economy, including an average net loss of 1,924 jobs;
originally posted by: ugmold
Detroit goes Bankrupt but has no problem subsidizing the Red Wings new Arena..... The Billionaires should pay for it and pay Taxes which they avoid. The NFL pays No Taxes.
In a letter to team owners, NFL Commissioner Roger Goodell said the move addresses a misunderstanding about the tax status of the $10 billion-a-year organization. The central league office, which coordinates and manages the league’s affairs, is listed as a nonprofit organization, but the NFL’s 32 teams already pay taxes on their profits, as well as on player salaries and merchandise sales.
“The effects of the tax-exempt status of the league office have been mischaracterized repeatedly in recent years,” Mr. Goodell said in the letter. “The fact is that the business of the NFL has never been tax-exempt.”
However, by forgoing its tax-exempt status, the NFL will no longer be required to disclose the salaries of its commissioner and other top executives. Mr. Goodell received $35 million in salary and bonuses in 2013.