A Brookings Institution study reported that new major league stadiums have "drained" as much as $3.7B from federal tax revenue since '00, according to Len Boselovic of the PITTSBURGH POST-GAZETTE. Brookings said that the lost revenue "stemmed" from $13B in tax-exempt bonds "issued to build or perform major renovations at 36 professional sports venues over the past 16 years." The Yankees "topped the list of major league teams benefiting from federal tax subsidies" at $431M. The report "cites several studies that unanimously agreed there is little relationship between new stadiums and economic development, income growth or job creation." The report said that the "easiest way to eliminate the subsidy is for Congress to require that any stadium used primarily for private business use is ineligible for tax-exempt financing" (PITTSBURGH POST-GAZETTE, 9/9). In San Diego, Lori Weisberg notes the lost revenue calculated by Brookings "range from a high" of $492M for Yankee Stadium to a low of $7M for Ford Field in Detroit. Several teams, including the 49ers, MLB Cardinals and Thunder, "were identified as having no federal subsidies for their respective facilities" (SAN DIEGO UNION-TRIBUNE, 9/9). In Denver, Jason Blevins notes Brookings "looked at 36 professional football, baseball, basketball and hockey stadiums built or renovated" since '00. Brookings Senior Fellow Ted Gayer said, "The weakest and most implausible argument is that someone in Montana should be subsidizing whether or not a football team relocates from St. Louis to Los Angeles. A federal subsidy should have federal benefits. There is no benefit to me whether the Broncos play in Denver or Austin" (DENVER POST, 9/9).
