I still don't understand why they cannot use the proceeds from what the stadium generates to pay for the bonds that was used in financing the stadium. If you borrow money from a bank for a business, you use the proceeds from that business to pay your debts. It seems just natural to me.
The bonds' interest is tax-free. To maintain this tax-free status they need to pretend that the stadium is a public facility not being used to generate money for a private entity. If they used the money from the stadium to pay the bond interest would be taxed. So this means that the public pays back the bond and since the bond interest is not taxed the public pays again by lost tax revenue. Basically, these are ego projects for the politicians and bread circus to keep the citizens distracted.
@@WalleBrown has it exactly right. If they did change the tax law to “allow” teams to pay for the stadiums using the proceeds instead of the public, they’d go bankrupt. It’s not sustainable so they’d have to find another way to cheat capitalism. Which is ironic because they’re manipulating tax laws in a capitalist country so hard that they’re turning it into socialism without realizing it
Nailed it. People would be surprised how much American corporations receive tax benefits or subsidies and politicians complain about socialism for education or middle class policies, maybe the thought is that there would be less for socialized capitalism and wealth redistribution to the top/wealthy.
@@pascho1057 Except for a tiny minority, Democrats are pro corporate too. Just not as egregious as the Republicans. Neither party represents the ppl. The only reason Elon makes profit with Tesla is not by selling cars but by a well intended but poorly thought out "Carbon Credits" system put in place by Democrats. So, it worked out well for Elon. He literally gets money (aka carbon credits he can then sell to polluters) just coz he is in EV business. But now that some Democrats are calling out his tax evading ways, he's gotten in his feelings. He's gotten increasingly narcissistic and couldn't tolerate any criticism.
@@pascho1057 And what does that tell you other than "the Democrat party, as opposed to its voters, are filled with conservative jagoffs as much as the entire Republican party is"?
@@herculesking8054 very few off them completely do only the dolphins patriots, rams and chargers did the last if you igbnore the massive tax breaks they got from inglewood to build it
@@shawnschaitel838 you are correct. Daniel Snyder also owns his stadium in DC. I have no problem with providing tax breaks to a network of business people who are going to bring such industry to the area as Stan Kronke and Dean Spanos did for Inglewood. Now I understand why the Chargers left San Diego.
@@herculesking8054 Spanos is only paying kronke 1 usd a year for rent and only had to spend 200 million towards its construction His only other fee was the massive relocation fee to the other owners that they split
@@shawnschaitel838 Kronke and Spanos own the front company that owns the stadium. They both pay that company $1 per year for rent. It's a Hell of a deal for Spanos, who leaves that eyesore of a facility in San Diego and a city that wasn't working with him. He's now in a bigger market and in a horizontal business partnership with a guy richer than him.
Totally agree but these owners figured out a way to get stadiums built without them footing the bill and help them stay rich which they prefer unfortunately
Easy. It's about cities, land and funding. For a stadium you are dealing with one city, one large section of land and a fixed amount of funding. Generally paid by sales tax and nlhotel and motel tax. Which ends up the visiting team and fans end up paying for a large portion of the stadium. For public transportation. You are dealing with multiple cities, massive tracts of land. And funding that will never end. Fares are never enough and demolition of a old public transportation system almost never happens
@@branayala2625 This is what happened with Baltimore and Oriole Park. State of Maryland wasn't gonna let their second team go bye-bye so they found the funds for Camden Yards and a long came the 30 mile light rail to go along with it. A win-win in my book 🤗
@@Dularr youre talking about new transportation projects. Even service that is already there is very unreliable and could use these funds (just like the government pours in billions and billions into highway maintenance). No one except the extra desperate is going to take public transit if they have to wait 30 minutes to an hour at a stop. God help you if you have to transfer
@@lhndz16 … the local advantages of having an NFL team in your city might not be so great but do you know the taxes on $17.19 billion? I highly doubt the stadiums being demolished for anything else could generate so much money whether it be for the national economy or a local economy.
I don’t mind ppl being upset about taxpayers paying for stadiums. My problem is when they try to bring up homelessness as an issue that needs to be fixed first. Like no. Homelessness is usually a major problem for all cities for a long time. You don’t get to use it as an scapegoat all of a sudden when a new stadium is being discussed.
Its ok to pay a stadium if they collect ticket sales food players tax more than what tax payers money spend. Exmple if the tax payers spend 1b dollar for then 10yrs so 100m each year but the tax that collect in a stadium ticket sales food parkings players tax per year is 200m or more than its fine with me
@@godfathaofyo We got a worker shortage, so we don’t need to generate anymore jobs. Projects like these are just going to be delayed because they don’t have enough laborers to finish it in time.
Us football fans should boycott this stuff seriously. We don’t benefit at all from this. They don’t give us anything in return, which is completely unfair.
and while TN is going spend millions on this stadium, TN still has an underfunded, understaffed Department of Child Services with children forced to sleep on the floor of DCS offices. Priorities I guess.
Or Downtown Buffalo, for that matter. I also think Buffalo missed an opportunity by having the stadium open air. Yes, Buffalo has tough, hearty fans that can handle extreme cold. Yes, it would have cost more for a retractable roof or a fixed roof. However, it would also lead to hosting events all year long to help the stadium break even, let alone turn in a profit. You're not going to make it on just 8 NFL games alone. Furthermore, today's brand of football is not meant to be played outdoors.
You do know that NFL stadiums are used for more than just 8 home games a year, right? I mean, clearly you don't, so I'm telling you they are. Just saving you the Googling.
Making the rich richer.... Craziest part is average person pays more tax than the billionaires. They found away to somehow pay less than 5 shillings per year
@@MK-xq7yu I think he means some of the things that have came out like Bezos paying zero in personal income tax in 2007 and 2011, etc. Of course tho, it’s more complex than that and those people at the top add hugely to our economy and their tax revenue comes through in a variety of different ways, but still. And yes of course it’s not all liquid cash that they use, but just the fact that some lower class people are likely to be paying a higher effective tax rate than our wealthiest people feels silly.
@@colehowe I agree that it is very complex and can understand the argument that billionaires pay a smaller proportion of their income as taxes than the average person but some of these comments make it seem like average people carry the burden of wealthy people not paying their taxes which is far from the truth and in fact the opposite
What they don't tell you is that if there is a work stoppage, the vendors and employees of the stadiums don't get paid, even if the players, with guaranteed contracts and the owners and league continue to get paid. My cousin had to file bankruptcy when MLB cancelled most of the 1994 baseball season and playoffs because he had lost so much revenue because there was no baseball.
@@mastixencounter”and” it pretty much answers why Americans have the lowest life expectancy compared to other countries because they simple don’t care how their own system screws them up.
Put the money into building new parks, subways, new water and sewage systems or public housing. Oakland has its issues but it's not because they lost their football and basketball franchises.
Yup, or just force billionaires to pay for their own damn stadiums. A handful of teams don't rely on public funds to build their multi-million/multi-billion dollar venues.
@@SmilingNinja Some "billionaires" would actually go broke if they had to foot the bill on their own. Don't let the media fool you. These owners aren't as rich as the media makes them out to be.
Billionaire owners need public money. Outrageous. And if you don't give them money, they threaten to move the team to a sucker city that's willing to pay.
As someone from Wisconsin, it’s good to know that the Packers won’t just up and leave some day because of the owner doesn’t get their way. The team is the city and the city is the team. It’s a special place
Yes they can. No one person or company can hold more than 30% of Packers "stock" Packers stock owners aren't on the board and have zero power within the team. Ownership can do whatever they want whenever they want if it:s ratified at the owner's meetings.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life too 🙏🙏🙏
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
This is why you never live in a city with a sports team. It increases your taxes for basically no benefit. Usually the taxes go to people who live in the county not the entire state.
So…let me get this straight. We can take tax dollars to for multi million dollar stadiums, but we cannot use it for children to eat for free at school?? :( I know that’s a different issue but it’s such a waste.
Actually, it's the same issue, every dollar spent on a stadium is a dollar that could be used to fund schools, hospitals, and public transportation instead. It is a waste and these team owners should spend their own damn money to build their stadiums.
Actually they can't when you see where that revenue goes. The revenue is split to all 32 teams. Then you factor in that a precentage of that goes to paying the players along with expenses to run the franchise and they really don't have the money to pay for a billion dollar stadium.
Stadiums should be privately built and owned. They should pay property tax like any other business. The only benefit is for a few bars and restaurants near the stadiums. Most people just drive to the games and after they are over drive home. If governments quit subsidizing stadiums they would still be built they just would not be as fancy and the players incomes would have to go down.
If a team threatens to leave, I say good riddance. Of course, I'm not a sports fan. I get tired of my money being used to subsidize someone else's hobby and make people who already have more money than I'll ever see in my lifetime even richer.
Atlanta hit the trifecta. April 2017: SunTrust Park Atlanta Braves $600M (New Stadium) August 2017: Mercedes Benz Atlanta Falcons 1.6B (New Stadium) Oct 2018: State Farm Arena Atlanta Hawks $200M (Renovation)
@@tomcappelletti6534 just the lost productivity talking about and watching football is probably tens of billions, not to say anything of the people who are hopelessly addicted to sports betting and lose vast amounts of money to it. To say football provides "value" is misleading as it does the opposite.
@@phenotypeb6843 @phenotypeb6843 that's just such a cynical perspective. There are millions of people, especially in rust belt cities like Buffalo for whom sports are an opportunity to escape from the relentless cycle of their lives. I don't know where you're from but in places like these the cities live for their sports. We hang Bills banners from City Hall. School let's out early when the Bills play on Monday Night. The shops shut down on Sundays for game day. It brings thousands of people together, galvanizes and bonds people who normally wouldn't. It can unite individuals across social, racial, and political groups. Is it kind of silly that sports are capable of that? Yeah, it completely is. But it's also the truth. People aren't going to be, and can't be expected to be productive 24 hours a day. I don't see why football is any worse of a way to spend time unproductively than any other. Your profile picture is RDRII. Maybe you don't play video games but that would be a weird profile picture If you didn't. You'll never convince me that watching/talking football is a more or less productive way to spend time then playing video games. In regard to sports gambling, people are and always will be hopelessly addicted to all sorts of things. Football cannot be at fault because some individuals are incapable of making adult decisions.
@@tomcappelletti6534 yeah I agree people can't be productive 100% of the time but it's that people slack off at times that they are supposed to be productive because of football, and yes gaming is included in this. If you say adults should own up to their decision to gambling addiction then we could use that same justification for almost anything including cocaine addiction. When companies deliberately try and make their service as addictive as possible and are not labour intensive at all but rake in billions from addicted victims that is a major loss for society.
@@godfathaofyo the point is, that if a poor person wanted to have a business, he would have toget a loan, buy a bldg, hire people, sell the product and pay back the loan. He is creating jobs also! Millioniares, the tax payer give them the money with lifetime tax breaks. How stupid is that? They pocket all the profits, we get the finger.
@@alirE2904 The Business owner, the NFL team, essentially has their pick of the litter. They can take their business anywhere they want. Cities are competing with each other to have the benefit of an NFL franchise in their city. Cities compete with each other by offering incentives, i.e. tax breaks, or funding for stadiums. Competition, its the backbone of business, and America.
Americans should establish Sports Teams as Cooperatives owned by Fans if they don't want them to leave. Real Madrid and Barcelona are examples. It's surprisingly common in the world of Soccer, even in the US.
Just to be thwarted by Big Companies who lease to name their company logos on these stadiums, but yet taxpayers burden the cost before, during and after teams left for another cities that have lucrative offers.
@@SmilingNinja not direct public money, because this communities don´t have such big public money. They looking for private real estate investor and sell them the ground for not the biggest money. At the end both financing models are similar. In the long run, it is more profitable for a city to build and rent it out than to sell the land. But that only works if you have enough money yourself. Billionaires have nothing to give away, that's why they became billionaires. Real estate is a pretty safe business for this purpose. When you look for example just to Inglewood Kroenke and his friend not just build the SoFi stadium, they build the hole Hollywood Park with Hotels, Casino, malls, apartment houses, etc. on the ground what they buy from the City of Inglewood.
@@flyingscotsman32 But we still still pay for Paycor formally Paul Brown stadium for the Bengals so what are you talking about we’ve always had a stadium tax!!!!!!
What I don't understand is why those stadiums in the US are so expensive in the first place. Let's take the Aliianz Arena in Munich, home of FC Bayern Munich and recently the venue for the first NFL regular season game in Germany between th Buccaneers and the Seahawks. It is consider one of the more costly stadiums in Europe with a price tag of ca. 350 million Dollars. So why does a similar stadium in Buffalo cost 1.4 billion Dollars? You could build four (!) Allianz Arenas for that.
@@MarloSoBalJr Somewhat doubt it. See, the SC Freiburg Stadium in Germany, a 35.000 seater, was built from 2018-2021 at the costs of ~ 75 million Dollars (130 mill. if you count all infrastructural measures of its surroundings), whereas the much smaller, but admittedly beautiful Q2 Stadium in Austin, a 20.000 seater, built at the same time cost ~ 260 million Dollars. I guess the US is just an extremely expensive place to bulid stuff.
@@RossoBianco1895 nfl stadiums are much bigger in scale than soccer stadiums. They feature much more in the way of luxury boxes, club seating, restaurant products, larger dressing rooms(nfl has 53 players dress compared to 22-23 for soccer teams), perhaps more dressing rooms if other teams play at the venue, expanded concourses for easier flow of fans, more unique video board technology(sofi stadium, Mercedes Benz).
You are referring to stadiums that were built years ago. I guarantee you that if you bguilt those tsatidums now they would coast far more now than they did then. Also, some of those football stadiums have roofs built on them whicih the ones you refer to don't have. That is a lot of extra cost right there.
In summary, this is a transfer of money from the poor to the rich... 💸💸💸 Even without public fundings, sports teams will be able to afford their own stadiums. If states/cities stop competing with each other, sports teams will have no choice but to pay up.
Yea and right now off the top of my head i can think of a couple cities that would jump at it. Okahoma City, Portland, Austin, San Antonio, St Louis and host of other cities.
It's insane they actually make everyone pay for that. NFL and teams should have to pay for it themselves. So many people don't care or even follow the NFL. That money should be going other places smh.
I can see why the Bills needs a new stadium since their current place is fifty years old…Nashvilles stadium is less than 25 years old and they’re dumping it! Why?!
Luxury suites, where the big money is made. Nashviille's current stadium hardly has any of them. The new one will triple the amount and therefore triple the money coming in for them.
Except they can't ifg you actually looka t where the revenue goes. Split 32 ways equally to each team and then over half goes to player salaries. That leaves them with nowhere near enough money for any team to build their own stadium.
Tax payer money does go towards healthcare. Nobody is turned away from a hospital for lack of payment. Who do you think pays for all the hospital bills of illegal immigrants?
The NFL makes an enormous profit. They should pay for their own stadiums and if they have to cut back on these ridiculous player salaries then so be it.
RE: (@14:08) “NFL teams and their fan bases are linked by a shared identity, and a team can reflect the city's persona.” Lol, NONE of the players on these professional sports teams are actually from the city/state they're "representing" so it makes no sense to obsess or complain about something so stupid.
Long term economic analysis of these endeavours would be nice. Do these big cities even need the exposure, or is it just so the politicians go to meetings and say I have a team, do you?
Lately, there has been an increase in bipartisan support for pretending to want to close this loophole. Three Senators, two Presidents, and one congressman have all expressed fake support for the measure, all the while knowing it’ll never happen.
California tax payers didn't pay a dime for SoFi stadium. This is what other cities should do. If no one plays along they will pay out of their own pocket.
You should’ve asked Steven hills why he spent $2 billion on a stadium that you cannot even play the World Cup in. And one of the reason for Vegas to be part of the World Cup 2026.
Because the NFL thinks that each team should have to make billions, it stops expansion from occurring because smaller teams don't support the revenue that larger teams do
Sports stadiums create jobs and demand in nearly every industry in the area. Even if the stadium itself is a loss for the city, it provides demand for labor, hotels, restaurants, bars, stores, and real estate. All those things provide demand for services of every kind. The bigger the stadium, the bigger the demand
It seems like it's more too protect the owners than providing jobs for the local community. They can move whenever they like. Leaving the tax payer on the hook for their business model and maximizing their bottom line.
You are basically paying for the million dollar salaries of the coaches and players as well as fattening the owners wallet and Rodger goodells 65 million salary. Absolutely insane. But then again government spending is always insane.
Taxpayer funded entertainment for the 1 percent. In Cleveland they have a sin tax for alcohol and cigarette purchases, you can't smoke there and you get the privilege of paying 12 dollars for a beer...go figure
most of them are done by bond measures that are voted on during municipal elections like road and bridge repairs are. some NFL teams didn't always play in the stadium they do now its like when the New England Patriots were the Boston Patriots they played at Nickerson Field at Boston University then eventually moved to what is now Gillette Stadium in Foxborough
I don't have a problem with using some public money for stadiums. I do have a problem with a profitable team not paying anything back. If there is a 20+ year public bond then the team that benefited from the arrangement should have to contribute directly to public coffers. The argument that stadiums over time will generate more revenue than they cost is just not true in most cases. If the Raiders make $200+ million a year then they should kick in $10 million or so directly to public coffers or the bond directly. In this day and age, only the billionaire class can afford to own an NFL team. They don't need public handouts. If they want a fancy new stadium then they can reach into their own pockets to pay for it.
![เปิดบ้าน พี่ตูน Bodyslam หลังใหม่คนแรก ที่ภูเก็ต l [Nickynachat]](http://i.ytimg.com/vi/flFwcmyDQSk/mqdefault.jpg)
I still don't understand why they cannot use the proceeds from what the stadium generates to pay for the bonds that was used in financing the stadium. If you borrow money from a bank for a business, you use the proceeds from that business to pay your debts. It seems just natural to me.
Because the goal of the controlling parties is extraction, not sustainability.
This is a legalized form of ponzi scheme; they make the most money doing it this way!
The bonds' interest is tax-free. To maintain this tax-free status they need to pretend that the stadium is a public facility not being used to generate money for a private entity. If they used the money from the stadium to pay the bond interest would be taxed. So this means that the public pays back the bond and since the bond interest is not taxed the public pays again by lost tax revenue. Basically, these are ego projects for the politicians and bread circus to keep the citizens distracted.
@@WalleBrown has it exactly right. If they did change the tax law to “allow” teams to pay for the stadiums using the proceeds instead of the public, they’d go bankrupt. It’s not sustainable so they’d have to find another way to cheat capitalism. Which is ironic because they’re manipulating tax laws in a capitalist country so hard that they’re turning it into socialism without realizing it
Greed which will be the end of America
"Privatize profits, socialize losses"-Every billionaire probably
Nailed it. People would be surprised how much American corporations receive tax benefits or subsidies and politicians complain about socialism for education or middle class policies, maybe the thought is that there would be less for socialized capitalism and wealth redistribution to the top/wealthy.
I think that was Elon Musk's motto. LOL
@@revysinghhe still voted Democrat down the ticket
@@pascho1057 Except for a tiny minority, Democrats are pro corporate too. Just not as egregious as the Republicans. Neither party represents the ppl. The only reason Elon makes profit with Tesla is not by selling cars but by a well intended but poorly thought out "Carbon Credits" system put in place by Democrats. So, it worked out well for Elon. He literally gets money (aka carbon credits he can then sell to polluters) just coz he is in EV business.
But now that some Democrats are calling out his tax evading ways, he's gotten in his feelings. He's gotten increasingly narcissistic and couldn't tolerate any criticism.
@@pascho1057 And what does that tell you other than "the Democrat party, as opposed to its voters, are filled with conservative jagoffs as much as the entire Republican party is"?
The owners and the NFL should pay for their own stadiums.
Many of them do. There were 3 or 4 examples used here. There are 32 teams in the league.
@@herculesking8054 very few off them completely do only the dolphins patriots, rams and chargers did the last if you igbnore the massive tax breaks they got from inglewood to build it
@@shawnschaitel838 you are correct. Daniel Snyder also owns his stadium in DC.
I have no problem with providing tax breaks to a network of business people who are going to bring such industry to the area as Stan Kronke and Dean Spanos did for Inglewood. Now I understand why the Chargers left San Diego.
@@herculesking8054 Spanos is only paying kronke 1 usd a year for rent and only had to spend 200 million towards its construction
His only other fee was the massive relocation fee to the other owners that they split
@@shawnschaitel838 Kronke and Spanos own the front company that owns the stadium. They both pay that company $1 per year for rent.
It's a Hell of a deal for Spanos, who leaves that eyesore of a facility in San Diego and a city that wasn't working with him. He's now in a bigger market and in a horizontal business partnership with a guy richer than him.
😭😭 we need to go back to the days when the owners used to pay for building their own facilities these guys are rich enough
Oœi😢 it ooo🎉h
Miami and Los Angeles did that for their football teams
Totally agree but these owners figured out a way to get stadiums built without them footing the bill and help them stay rich which they prefer unfortunately
Considering the Titans owner has a net worth of $1.6 Billion and the new stadium costs $2.1 Billion…no she’s not rich enough for that
@@AKIsAClown well just don’t build the new stadium or sell the team to someone who could
no problem spending billions on stadiums but god forbid we spend it on good public transport
Tell them the public transportation is to go to the stadium and they’ll get it done. 😂
Say it louder for the people in the back!
Easy. It's about cities, land and funding. For a stadium you are dealing with one city, one large section of land and a fixed amount of funding. Generally paid by sales tax and nlhotel and motel tax. Which ends up the visiting team and fans end up paying for a large portion of the stadium.
For public transportation. You are dealing with multiple cities, massive tracts of land. And funding that will never end. Fares are never enough and demolition of a old public transportation system almost never happens
@@branayala2625 This is what happened with Baltimore and Oriole Park.
State of Maryland wasn't gonna let their second team go bye-bye so they found the funds for Camden Yards and a long came the 30 mile light rail to go along with it.
A win-win in my book 🤗
@@Dularr youre talking about new transportation projects. Even service that is already there is very unreliable and could use these funds (just like the government pours in billions and billions into highway maintenance). No one except the extra desperate is going to take public transit if they have to wait 30 minutes to an hour at a stop. God help you if you have to transfer
Love how our money is going straight to the billionaires!
Unabashedly
But but they work hard for it and they deserve to screw us regular folks over and over again.
in 2021 the nfl generated 17.19 billion USD. do any of you have another way to make so much money?
@@donaldrex0495 So they should NOT get any subsidies. The NFL should just fund the stadiums. NO taxpayer money for them!!!
@@lhndz16 … the local advantages of having an NFL team in your city might not be so great but do you know the taxes on $17.19 billion? I highly doubt the stadiums being demolished for anything else could generate so much money whether it be for the national economy or a local economy.
So as paying taxpayers, do we at least get a free ticket a year?
Haha, yeah that’s funny lol
nope!
We should - for more than just one game.
D-backs, upper level dollar seats, regular season games
Yes, free ticket from the IRS with our bill😂
San Diego did the right thing cutting ties with the chargers. They saved tax payers from losing money to a losing team
Some people would have you believe San Diego fell into the ocean soon after.
It's like the coliseum analogy of ancient rome, build one and the public will be too busy with the sport to see what else is going on in the world
There’s nothing they can say to me that will justify my taxes used to pay for a stadium. ABSOLUTELY NOTHING
I don’t mind ppl being upset about taxpayers paying for stadiums. My problem is when they try to bring up homelessness as an issue that needs to be fixed first. Like no. Homelessness is usually a major problem for all cities for a long time. You don’t get to use it as an scapegoat all of a sudden when a new stadium is being discussed.
What about your taxes sending money to Ukraine? I bet at least you watch some football.
You can vote for candidates that oppose paying for stadium infrastructure
Its ok to pay a stadium if they collect ticket sales food players tax more than what tax payers money spend. Exmple if the tax payers spend 1b dollar for then 10yrs so 100m each year but the tax that collect in a stadium ticket sales food parkings players tax per year is 200m or more than its fine with me
This is the definition of corporate welfare.
I'd rather have tax payer funding go towards projects like this that generate jobs, then sending money overseas to other countries.
Well tax cuts to corporations is also corporate welfare
@@godfathaofyo We got a worker shortage, so we don’t need to generate anymore jobs. Projects like these are just going to be delayed because they don’t have enough laborers to finish it in time.
@@christianlendo7787 By that definition. Over half this country is on welfare, since half the people in this country pays ZERO in income tax.
@@CalmClamFam Wage shortage not worker shortage
if public has to pay tax for stadium then why should they have to buy tickets to watch game?
Us football fans should boycott this stuff seriously. We don’t benefit at all from this. They don’t give us anything in return, which is completely unfair.
And to top it off we get taxed on those tickets plus an additional fee if you get it through a ticket master.
Why does the public have to pay to park in the stadium parking lots funded by public money?
and while TN is going spend millions on this stadium, TN still has an underfunded, understaffed Department of Child Services with children forced to sleep on the floor of DCS offices. Priorities I guess.
Blame the sh!tty parents who allowed those conditions for their children to live in.
I need a tax exempt municipal bond to build my house.....
Sign me up for one too.
AND someone else to pay for it as well. All your neighbors I would guess.
That Buffalo stadium will likely be unused for ~ 340 to 350 days per year .
Exactly. Orchard Park is literally nothing but suburbs.
Would have made more sense to build it Niagara Falls across from the Canadian border.
Or Downtown Buffalo, for that matter. I also think Buffalo missed an opportunity by having the stadium open air. Yes, Buffalo has tough, hearty fans that can handle extreme cold. Yes, it would have cost more for a retractable roof or a fixed roof. However, it would also lead to hosting events all year long to help the stadium break even, let alone turn in a profit. You're not going to make it on just 8 NFL games alone. Furthermore, today's brand of football is not meant to be played outdoors.
You do know that NFL stadiums are used for more than just 8 home games a year, right? I mean, clearly you don't, so I'm telling you they are. Just saving you the Googling.
That’s not true… there are plenty of events and weddings and etc to fill up those days 😊
@@pumayaya that doesn’t make any sense at all actually. Niagara Falls on the US side is absolute garbage.
I like how the NFL is a nonprofit. That's good business strategy right there! Keep it up, what a charity, thankful that the NFL is so generous
Yeah how is NFL nonprofit??? That should be removed from their status.
@@sakenu16 I seen the NFL commissioner helping a little old lady across the street the other day, I think that's why they get their nonprofit status
The NFL dropped their tax exempt status in 2015.
It’s should legally be public property than if it’s paid by the public for a majority.
It's called corporate welfare or trickle *up* economics.
It's "Trickle *down*". Trickle up economics is when you strengthen the purchasing power of the general population.
@@jascrandom9855 I said "trickle up" because the sports leagues/billionaire owners are sucking money away from the tax payers.
@@albear972 Well, that's just plain old Cronyism
I'd rather have tax payer funding go towards projects like this that generate jobs, then sending money overseas to other countries.
@@godfathaofyo These projects far dwarf US foreign aid and they don't create nearly as many jobs as should given the massive investment.
Making the rich richer.... Craziest part is average person pays more tax than the billionaires. They found away to somehow pay less than 5 shillings per year
Yes, but, honestly, they can’t pay more taxes.. 😓 Our corporate overlords need the money to make ends meet on their mega yacht mortgages 😌
Like Bezos is getting child support by the state.
Lol the average person making 50k a year does not pay more in combined taxes and idk where this myth came from
@@MK-xq7yu I think he means some of the things that have came out like Bezos paying zero in personal income tax in 2007 and 2011, etc. Of course tho, it’s more complex than that and those people at the top add hugely to our economy and their tax revenue comes through in a variety of different ways, but still. And yes of course it’s not all liquid cash that they use, but just the fact that some lower class people are likely to be paying a higher effective tax rate than our wealthiest people feels silly.
@@colehowe I agree that it is very complex and can understand the argument that billionaires pay a smaller proportion of their income as taxes than the average person but some of these comments make it seem like average people carry the burden of wealthy people not paying their taxes which is far from the truth and in fact the opposite
What they don't tell you is that if there is a work stoppage, the vendors and employees of the stadiums don't get paid, even if the players, with guaranteed contracts and the owners and league continue to get paid. My cousin had to file bankruptcy when MLB cancelled most of the 1994 baseball season and playoffs because he had lost so much revenue because there was no baseball.
and?
She could have applied for another temporary job.
Pretty rare occurrence
@@mastixencounter”and” it pretty much answers why Americans have the lowest life expectancy compared to other countries because they simple don’t care how their own system screws them up.
@@Guacjose1008 🤦♂
'Murican: "but muuhhh freedom!"
If the revenue these stadiums generate were so great, the team owners wouldn’t allow the government to pay one red cent cause they’d want all profits.
The city is spending 2.1 billion on this stadium but the city of Nashville is 8 billion dollars in debt of which the 2.1 just added to the debt
This is splendid. This is what America needs to be funding, certainly not factories and research institutions.
"Inadvertently" created a loop hole 🤣🤣🤣🤣🤣🤣🤣🤣🤣 ya sure buddy
Put the money into building new parks, subways, new water and sewage systems or public housing.
Oakland has its issues but it's not because they lost their football and basketball franchises.
Exactly
Soon to be baseball next
@@BeeBee-pl9ly Yes it's likely, but is that to blame for the city's rise in homeless? No, it's not.
Yup, or just force billionaires to pay for their own damn stadiums. A handful of teams don't rely on public funds to build their multi-million/multi-billion dollar venues.
@@SmilingNinja Some "billionaires" would actually go broke if they had to foot the bill on their own. Don't let the media fool you. These owners aren't as rich as the media makes them out to be.
Billionaire owners need public money. Outrageous.
And if you don't give them money, they threaten to move the team to a sucker city that's willing to pay.
Thank you for this level of reporting and courage to delve into this subject-matter
Pretty sure the nfl oligarchs did not like this piece at all.
The less wealthy the population is in a city/metro area is the more likely they will put up most of money to build the stadiums.
Sad, but true!
Vegas is literally running out of water, but hey, look at all these new sports teams they have just funded
As someone from Wisconsin, it’s good to know that the Packers won’t just up and leave some day because of the owner doesn’t get their way. The team is the city and the city is the team. It’s a special place
that only works when the city makes profit with the club.
Baltimore
No super bowl though
The Packers fans own stock that they can't sell and pays no dividends. I do get the point in that at all.
Yes they can. No one person or company can hold more than 30% of Packers "stock" Packers stock owners aren't on the board and have zero power within the team. Ownership can do whatever they want whenever they want if it:s ratified at the owner's meetings.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life too 🙏🙏🙏
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
exactly! That's my main concern and what kind of investment can someone do with this increase economy turndown
Hello I'm new here please what exactly kind of investment are you talking about here, I'm really interested too
you're right Forex trading is surely a lucrative way to invest whether you want growth, leverage, stable income or something in between.
This is why you never live in a city with a sports team. It increases your taxes for basically no benefit. Usually the taxes go to people who live in the county not the entire state.
its so stupid. literally the last people that need funding. GREED
“The benefit is really for the community and the opportunity it provides for locals…” 😂
So…let me get this straight. We can take tax dollars to for multi million dollar stadiums, but we cannot use it for children to eat for free at school?? :( I know that’s a different issue but it’s such a waste.
Feeding kids is not ✨profitable✨
Actually, it's the same issue, every dollar spent on a stadium is a dollar that could be used to fund schools, hospitals, and public transportation instead. It is a waste and these team owners should spend their own damn money to build their stadiums.
My question is how much tax they get in a stadium? Ticket sales food parking players salary?
with income in excess of $11B...the NFL could afford a new stadium every year without extortion on the taxpayers
Actually they can't when you see where that revenue goes. The revenue is split to all 32 teams. Then you factor in that a precentage of that goes to paying the players along with expenses to run the franchise and they really don't have the money to pay for a billion dollar stadium.
@@chriskay1449boooooo
Is there anything Reagan didn't entirely screw up?
Tax the Church. Tax the NFL.
Aren't those two the same thing?
The teams and players absolutely pay taxes
@@godfathaofyo good to know.
@@godfathaofyo I would bet the smart ones do not pay much, especially among the owners. It is what accountants and our funny tax laws are all about.
Stadiums should be privately built and owned. They should pay property tax like any other business. The only benefit is for a few bars and restaurants near the stadiums. Most people just drive to the games and after they are over drive home. If governments quit subsidizing stadiums they would still be built they just would not be as fancy and the players incomes would have to go down.
If a team threatens to leave, I say good riddance. Of course, I'm not a sports fan. I get tired of my money being used to subsidize someone else's hobby and make people who already have more money than I'll ever see in my lifetime even richer.
Atlanta hit the trifecta.
April 2017: SunTrust Park Atlanta Braves $600M (New Stadium)
August 2017: Mercedes Benz Atlanta Falcons 1.6B (New Stadium)
Oct 2018: State Farm Arena Atlanta Hawks $200M (Renovation)
At least the Benz was done with only 14% public funding
Mercedes-Benz Stadium is ALSO the home of Atlanta United
As someone who lives in Buffalo, the value that the Bills provide the city is unquantifiable.
Unquantifiable yeah like negative $1 000 000 000 per year unquantifiable
@@phenotypeb6843 negative $1,000,000,000 is actually extremely quantifiable, as you have just quantified it.
@@tomcappelletti6534 just the lost productivity talking about and watching football is probably tens of billions, not to say anything of the people who are hopelessly addicted to sports betting and lose vast amounts of money to it. To say football provides "value" is misleading as it does the opposite.
@@phenotypeb6843 @phenotypeb6843 that's just such a cynical perspective. There are millions of people, especially in rust belt cities like Buffalo for whom sports are an opportunity to escape from the relentless cycle of their lives. I don't know where you're from but in places like these the cities live for their sports. We hang Bills banners from City Hall. School let's out early when the Bills play on Monday Night. The shops shut down on Sundays for game day. It brings thousands of people together, galvanizes and bonds people who normally wouldn't. It can unite individuals across social, racial, and political groups.
Is it kind of silly that sports are capable of that? Yeah, it completely is. But it's also the truth.
People aren't going to be, and can't be expected to be productive 24 hours a day. I don't see why football is any worse of a way to spend time unproductively than any other. Your profile picture is RDRII. Maybe you don't play video games but that would be a weird profile picture If you didn't. You'll never convince me that watching/talking football is a more or less productive way to spend time then playing video games.
In regard to sports gambling, people are and always will be hopelessly addicted to all sorts of things. Football cannot be at fault because some individuals are incapable of making adult decisions.
@@tomcappelletti6534 yeah I agree people can't be productive 100% of the time but it's that people slack off at times that they are supposed to be productive because of football, and yes gaming is included in this. If you say adults should own up to their decision to gambling addiction then we could use that same justification for almost anything including cocaine addiction.
When companies deliberately try and make their service as addictive as possible and are not labour intensive at all but rake in billions from addicted victims that is a major loss for society.
I don't remember, as a taxpayer, having a vote on this.....
The government officials agree to pay, not the tax payer. I have never agreed to it. They are probably getting a kickback.
Shhh! "Campaign contributions"
I'd rather have tax payer funding go towards projects like this that generate jobs, then sending money overseas to other countries.
@@godfathaofyo the point is, that if a poor person wanted to have a business, he would have toget a loan, buy a bldg, hire people, sell the product and pay back the loan. He is creating jobs also! Millioniares, the tax payer give them the money with lifetime tax breaks. How stupid is that? They pocket all the profits, we get the finger.
@@alirE2904 The Business owner, the NFL team, essentially has their pick of the litter. They can take their business anywhere they want. Cities are competing with each other to have the benefit of an NFL franchise in their city. Cities compete with each other by offering incentives, i.e. tax breaks, or funding for stadiums. Competition, its the backbone of business, and America.
@@godfathaofyo my question whats are the pros of nfl team in your cities? Especially if half of stadium is a tax payers money?
Americans should establish Sports Teams as Cooperatives owned by Fans if they don't want them to leave. Real Madrid and Barcelona are examples. It's surprisingly common in the world of Soccer, even in the US.
Just to be thwarted by Big Companies who lease to name their company logos on these stadiums, but yet taxpayers burden the cost before, during and after teams left for another cities that have lucrative offers.
@@obey2dmax I'm not sure you understand how Cooperatives work.
@@jascrandom9855 Just like what they have in Green Bay Packers, but a local co-op?
@@obey2dmax Maybe. Like Real Madrid.
@@jascrandom9855 In Europe it has a grass root feeling unlike in US, these teams are run like a Corp.
I think they should be allowed to pay for their own stadium as it would probably get done faster and be nicer
The unfortunate thing is if they fixed this loop hole teams will just leave and find a city who will pay for their stadium
A number of teams do. The Dolphins, Patriots, Rams, and Chargers didn't use public money to build their stadiums.
@@burnttoastbrain possibly. Or municipalities/states could enact laws like the Art Modell Law in Ohio
@@SmilingNinja not direct public money, because this communities don´t have such big public money. They looking for private real estate investor and sell them the ground for not the biggest money. At the end both financing models are similar. In the long run, it is more profitable for a city to build and rent it out than to sell the land. But that only works if you have enough money yourself.
Billionaires have nothing to give away, that's why they became billionaires. Real estate is a pretty safe business for this purpose. When you look for example just to Inglewood Kroenke and his friend not just build the SoFi stadium, they build the hole Hollywood Park with Hotels, Casino, malls, apartment houses, etc. on the ground what they buy from the City of Inglewood.
@@flyingscotsman32 But we still still pay for Paycor formally Paul Brown stadium for the Bengals so what are you talking about we’ve always had a stadium tax!!!!!!
What I don't understand is why those stadiums in the US are so expensive in the first place. Let's take the Aliianz Arena in Munich, home of FC Bayern Munich and recently the venue for the first NFL regular season game in Germany between th Buccaneers and the Seahawks. It is consider one of the more costly stadiums in Europe with a price tag of ca. 350 million Dollars. So why does a similar stadium in Buffalo cost 1.4 billion Dollars? You could build four (!) Allianz Arenas for that.
Do you love Hitler like Kanye West?
The cost for construction in 2005 was far cheaper than now. Guaranteed if Allianz Arena was built in 2021, is would have surpassed €1 billion
@@MarloSoBalJr Somewhat doubt it. See, the SC Freiburg Stadium in Germany, a 35.000 seater, was built from 2018-2021 at the costs of ~ 75 million Dollars (130 mill. if you count all infrastructural measures of its surroundings), whereas the much smaller, but admittedly beautiful Q2 Stadium in Austin, a 20.000 seater, built at the same time cost ~ 260 million Dollars. I guess the US is just an extremely expensive place to bulid stuff.
@@RossoBianco1895 nfl stadiums are much bigger in scale than soccer stadiums. They feature much more in the way of luxury boxes, club seating, restaurant products, larger dressing rooms(nfl has 53 players dress compared to 22-23 for soccer teams), perhaps more dressing rooms if other teams play at the venue, expanded concourses for easier flow of fans, more unique video board technology(sofi stadium, Mercedes Benz).
You are referring to stadiums that were built years ago. I guarantee you that if you bguilt those tsatidums now they would coast far more now than they did then. Also, some of those football stadiums have roofs built on them whicih the ones you refer to don't have. That is a lot of extra cost right there.
In summary, this is a transfer of money from the poor to the rich... 💸💸💸
Even without public fundings, sports teams will be able to afford their own stadiums. If states/cities stop competing with each other, sports teams will have no choice but to pay up.
It’s always surprising, but not shocking, the ways in which rich folk are able to squeeze money out of local governments and taxpayers.
That money could be use in so many other ways
Priorities
No one and I mean no one is going to vegas solely for the raiders outside of the people from Oakland who want to see there team
We are a very weird people. Strange priorities
If an NFL team wants to move, move! Good luck. There’s only so many major metropolitan areas that can support a football franchise.
Yea and right now off the top of my head i can think of a couple cities that would jump at it. Okahoma City, Portland, Austin, San Antonio, St Louis and host of other cities.
@@NPAMike Austin, TX would be a great destination for a NFL franchise since they’re the only major city in Texas with no pro sports franchise at all.
It's insane they actually make everyone pay for that. NFL and teams should have to pay for it themselves. So many people don't care or even follow the NFL. That money should be going other places smh.
I can see why the Bills needs a new stadium since their current place is fifty years old…Nashvilles stadium is less than 25 years old and they’re dumping it! Why?!
Luxury suites, where the big money is made. Nashviille's current stadium hardly has any of them. The new one will triple the amount and therefore triple the money coming in for them.
thats absolutely infuriating... the nfl makes billions, they can pay for their own stadiums.
Except they can't ifg you actually looka t where the revenue goes. Split 32 ways equally to each team and then over half goes to player salaries. That leaves them with nowhere near enough money for any team to build their own stadium.
This is what is wrong with America: taxpayers paying for sports with money that could have gone to health care.
I'd rather have tax payer funding go towards projects like this that generate jobs, then sending money overseas to other countries.
Tax payer money does go towards healthcare. Nobody is turned away from a hospital for lack of payment. Who do you think pays for all the hospital bills of illegal immigrants?
The NFL makes an enormous profit. They should pay for their own stadiums and if they have to cut back on these ridiculous player salaries then so be it.
Good luck trying to get the NFLPA to agree to player salary cutbacks. I don't think you understand how unions work.
RE: (@14:08) “NFL teams and their fan bases are linked by a shared identity, and a team can reflect the city's persona.”
Lol, NONE of the players on these professional sports teams are actually from the city/state they're "representing" so it makes no sense to obsess or complain about something so stupid.
That's why you're taxes, real estate, sales and others are so high.
Politicians can't say no to spending.
Instead of funding stadiums, Las Vegas should start funding their schools. Its home to one of the worst school districts in the country.
Taxes paying for Bread and Circuses!
Long term economic analysis of these endeavours would be nice. Do these big cities even need the exposure, or is it just so the politicians go to meetings and say I have a team, do you?
Exactly. Just for the bragging rights.
Lately, there has been an increase in bipartisan support for pretending to want to close this loophole. Three Senators, two Presidents, and one congressman have all expressed fake support for the measure, all the while knowing it’ll never happen.
It happens in Australia too.
California tax payers didn't pay a dime for SoFi stadium. This is what other cities should do. If no one plays along they will pay out of their own pocket.
PROTEST BY NOT ATTENDING THESE EVENTS THAT ARE POINTLESS AND MINDLESS ANYWAYS!!! #boycottNFL
Attend or not.
Stadium is partially paid by taxes.
Meanwhile our education system is in shambles.
They don’t pay for stadiums. The politicians make them pay through taxes. Period it’s what happens to people who are functionally slaves.
This is called American capitalism
It's called corporate socialism.
I call it: Roughshod capitalism
America, where we can't make medical affordable for all but we can make running a football profitable for the rich.
I'm a football fan, but private facilities being paid for with public money is INSANE.
TAXPAYER DOLLARS THAT PEOPLE ARENT COLLECTING INTEREST ON 😂SHOULD BE ILLEGAL AF
Yeah ticket discounts needs to be more than 10%
You should’ve asked Steven hills why he spent $2 billion on a stadium that you cannot even play the World Cup in. And one of the reason for Vegas to be part of the World Cup 2026.
Because the NFL thinks that each team should have to make billions, it stops expansion from occurring because smaller teams don't support the revenue that larger teams do
Why are we subsidizing these stadiums like they're non-profits? They make too much money for cities to do that.
STL figured this out the hard way, sued NFL and won.
But everytime a new stadium gets built that means the super bowl is coming there and that should also make the city so much money tbh
Sports stadiums create jobs and demand in nearly every industry in the area. Even if the stadium itself is a loss for the city, it provides demand for labor, hotels, restaurants, bars, stores, and real estate. All those things provide demand for services of every kind. The bigger the stadium, the bigger the demand
Imagine if Americans cared as much for education!
It’s wild like… I’ve never even been to an NFL game
It seems like it's more too protect the owners than providing jobs for the local community. They can move whenever they like. Leaving the tax payer on the hook for their business model and maximizing their bottom line.
So it's time to cancel NFL .
US loves football, can't get enough. No creative finance=no NFL team.
Exactly what I'm talking about
You are basically paying for the million dollar salaries of the coaches and players as well as fattening the owners wallet and Rodger goodells 65 million salary. Absolutely insane. But then again government spending is always insane.
I don't think the question should be HOW as much as I think it should be WHY
Very awesome
Taxpayer funded entertainment for the 1 percent. In Cleveland they have a sin tax for alcohol and cigarette purchases, you can't smoke there and you get the privilege of paying 12 dollars for a beer...go figure
I didn’t know I did that, also good videos, coming up on vox for my favorites
I didn't know the raiders moved. That's wild.
Workers Work Players Play ✨
We pay for the stadiums in our cities and can't even get free nachos lol
Well yes - the Romans had bread and circus and we currently have football and pizza!
Tax payer dollars should never be used. But the NFL shouldn’t be considered a non profit organization either and it is!
Glad to hear my tax money going to boring ass football games.
most of them are done by bond measures that are voted on during municipal elections like road and bridge repairs are. some NFL teams didn't always play in the stadium they do now its like when the New England Patriots were the Boston Patriots they played at Nickerson Field at Boston University then eventually moved to what is now Gillette Stadium in Foxborough
I don't have a problem with using some public money for stadiums. I do have a problem with a profitable team not paying anything back. If there is a 20+ year public bond then the team that benefited from the arrangement should have to contribute directly to public coffers. The argument that stadiums over time will generate more revenue than they cost is just not true in most cases. If the Raiders make $200+ million a year then they should kick in $10 million or so directly to public coffers or the bond directly. In this day and age, only the billionaire class can afford to own an NFL team. They don't need public handouts. If they want a fancy new stadium then they can reach into their own pockets to pay for it.
So pretty much the owners don't wanna pay their own taxes