GEORGE'S DAYDREAM
 |
THE
STADIUM FRAUD
" There are very few fields of economic research that
produce unanimous agreement. Yet every independent economic analysis
of the impact of stadiums has found no predictable positive effect
on output or employment. Some studies have even concluded that
there is a possible negative impact. "
-- SMITH COLLEGE ECONOMIST ANDREW ZIMBALIST |
Mayors
Push Stadiums
Baseball's
Stadium Shakedown
Washington Post, July 11 2003
"One segment of society does benefit from stadium subsidies. Team
owners enjoy windfall profits when they turn around and sell. The favored
ownership group for the District is the Washington Baseball Club, a
team of investors reportedly worth $3 billion and headed by Fred Malek.
A veteran of these conversions, Malek formerly owned the Texas Rangers,
with George W. Bush among others. In 1991 Malek's group demanded that
Arlington, Tex., taxpayers provide $135 million for a new stadium. The
group threatened to move the team if the ransom wasn't paid. After the
stadium was built and the Rangers' value had tripled as a result of
the taxpayer subsidies, Malek's group sold the team. " - Ralph
Nader, Washington Post
|