Sunday, June 3, 2012
Vikings Beat 49ers In Stadium Game: How Stadiums are now being Financed
Its great news for the Twin Cities and the Bay Region, that the Vikings will remain in Minneapolis and the 49ers will remain in the San Francisco Area. Both markets are rich in NFl History and rich in great NFL fans, the Minnesota Vikings and San Francisco 49ers are two of the best franchises in the NFL. And seeing either of them in Los Angeles or Memphis or San Antonio. All three markets that could support Pro Football franchises but would be a very sad day, the 49rs belong in the Bay Region, they would be better in San Francisco, out of the Candlestick Park, perhaps the worst stadium in the NFL, even though it has a pretty good atmosphere. A big loud stadium but was originally built for baseball, when the Giants moved there over fifty years ago and the stadium is falling apart. The Vikings have similar issues with the Metrodome Stadium, the Stadium falling apart and with the Vikings not able to make enough money there to be very profitable. Which is a big problem for a Small Market franchise that need high Stadium Revenue to be very profitable.
What I like about the 49er and Vikings Stadium Deals, is that they both will be financed with a lot of Private Revenue, which makes sense in a market the size of San Francisco. Thats one of the biggest in the country and also one of the wealthiest, similar to Washington but not as big. Especially since we are still slowly recovering from the "Great Recession" and governments are cutting back on things like, infrastructure, including schools, Law Enforcement, including corrections. So to ask Tax Payers for new taxes, when they are struggling just to pay their current Tax bills and when things like education and Law Enforcement are getting cut back. Would be a lot to ask for, and NFL Franchises are now waking up to the fact that if they threaten to move, because they can't get the exact Stadium Deal they want. Then they may be told goodbye and good luck because we can't afford to bail you out.
This is how stadiums should be financed in the future, every NFL Franchise is worth somewhere around 200M$ or more. With the Redskins, Giants and Cowboys all worth over 1B$, the Redskins worth over 2B$, three of the wealthiest Sports Franchises in the World, to go along with the New York Yankees. All of these clubs can afford to put up money for their stadiums and attract outside Private Revenue as well and should be expected to do so.