Effect of Professional Sports on Local Economies

Effect of Professional Sports on Local Economies

In today’s world economy there are several factors affecting local economies. One major social interest is sport. Owners of major league sports teams have agreed that the buildings of new facilities are a necessity if a team is to remain financially viable, and competitive. New arenas and ball parks have sprung up around the country funded in some part by public dollars. Subsidizing stadiums is the idea of a local government taking taxes from local citizens to help to pay for the facilities. The belief that subsidizing stadiums helps in supporting other businesses in the surrounding areas, has made these types of taxes viable for the last several decades. The question begs itself, does public spending on athletic venues provide a significant enough payback to justify the significant investment.