The City of Charlotte gave the NBA expansion Bobcats $300 million for a new arena. No, we didn’t hand them a check, but we are building the arena for them and they get to reside in it, operate it and even keep the profits from it.
Charlotte is now wanting to pony up nearly $140 million to build a NASCAR hall of fame here in town. This one almost makes sense compared to the arena. At least it can reasonably be expected to generate the city some money, as well as perhaps keep the races we do have.
Individual athletes are signing deals worth hundreds of millions of dollars, and this doesn’t even include the millions more that are demanded – and given – for endorsing a given product.
And all the while, sports owners are crying foul because they have to pay the ever-increasing demands of these “superstars”, and to make ends meet, they in turn jack up the price of tickets for the fans.
So not only are we paying the increased price at the turnstile, we pay to park at the game, we pay insane prices at the concession stand and we even pay higher taxes to finance these sports. How does this make sense?