The Gift That Keeps on Taking

There's a sign on I-44 on the way west to Springfield. It's small and easy to miss, red stenciled letters on wooden planks.

"We'll pay for a stadium if the Cardinals fix the roads."

Now, this article from the New York Times is about football, not baseball, but it still made me instantly flash back to that sign. Sports are big business, and stadium building is Serious Business.

A majority of the professional sporting stadiums in the United States are built using a combination of private and public funds - and some are built entirely using public money.

The problem with that is sometimes the repayment outlasts the usefulness - or the existence - of the stadium. For instance, the Astrodome in Houston opened in 1965 but won't be paid off until 2032. But it hasn't hosted a professional sports team since 1998.

The Hoosier Dome in Indianapolis was detonated a few years back. As a GenCon attendee, I welcome the larger Indy Convention Center. Were I a Indy resident, I might be miffed that not only am I still paying for a building that isn't there anymore (the Hoosier Dome won't be paid off until 2021) I'm also in hock for the Colts' new digs at Lucas Oil Stadium ($780 million to construct, 87% public financing).

Why are cities willing to commit so much money to these things? Well, the idea is you spend money to make money. Ticket Sales. Tourism. Events. For some cities - those with highly successful teams - it's a solid investment that wins out over the long haul. But if your star attraction pulls up stakes for a shiny new home, you're left holding the bag.