For more than a decade, it has been obvious that voters will not support any proposal to give NFL owners taxpayer money to build or renovate stadiums. It is becoming clearer that elected officials are increasingly less inclined to burn political capital by granting public funds to private football teams.
That could be where the disk is moving. No more free money for multi-billionaires. Currently, the Bears, Chiefs, Bengals and Browns face resistance in their local markets. The Jaguars reportedly will have a public-private deal for a major renovation at EverBank Stadium soon; Until it’s done, however, it isn’t.
There is a very basic reality at play here. The NFL is a victim of its own success. As franchise values continue to explode (Dolphins owner Stephen Ross reportedly turned down a $10 billion offer), why should any community pay for the construction or renovation of a stadium?
Sell part of the team, if necessary, to pay for a stadium. Take out a loan. Sell the team to someone who can and will pay for a stadium. If it is a good business for the public to own and operate it, it should also be a good business for the team to own and operate it.
This is where this can become problematic for some cities. If the owner of the local NFL team has to pay for the stadium, the stadium could be built in a location where a higher return can be expected.
Simply put, owners will go where the money and people are if they have to pay for their own stadiums. It’s about using the venue for as many things as possible – concerts, other sporting events, etc. More money to pay the mortgage.
That’s why Rams owner Stan Kroenke wanted to move to Los Angeles even though he could have gotten free money to stay in St. Other owners need to think the same way, because it will be harder—not easier—for those who don’t need money to get it, when many others really do.
