Essay about New Stadium

They saw advertisement as an income. And the franchises have increased revenues by using new stadiums and increasing prices for premium seating since 2002. New stadiums have new clubs, restaurants, stores and museums that can be served as new sources of revenues. They made profits by selling merchandise. Also, new stadiums improved the attendance of fans.

In 2010 there was a study conducted by Greater Memphis Chamber of Commerce to determine what the economic impact of the Memphis Grizzlies and the FedEx Forum was on the economy of the greater Memphis area. A professional sports team such as the Memphis Grizzlies is going to aid the community in increasing the revenue of the local economy. Games or concerts at the arena will draw in individuals from outside of the area who will buy such things as food, luxuries, or hotel rooms, which directly impact the local economy. This is why it can be beneficial for a large community such as Memphis to be able to host a professional sports team. In order to determine the benefits and economic impact, the community and organization need to be able to determine

The past 20 years have witnessed a massive transformation of professional sports stadiums in North America and the rest of the world. In the United States and Canada alone, by 2012, 125 of the 140 teams in the five largest professional sports leagues, the National Football League (NFL), Major League Baseball (MLB), National Basketball Association (NBA), Major League Soccer (MLS), and National Hockey League (NHL), will play in stadiums constructed or significantly renovated since 1990. This new construction has come at a significant cost, the majority of which has been covered by taxpayers. Construction costs alone for major league professional sports facilities have totaled in excess of $30 billion over the past two

I am going to discuss the topic of National Football League stadiums and their public funding. The purpose of the study is to find out if funding of NFL stadiums is “bad business,” The research I will look at the impacts that a stadium has on the economy in the city. Cities’ like to have attractions that they can draw from and be proud of. Most cities have some form of sport arena, and more are being built or are planned to be built. As with any business there are positives and negatives when hosting a sports team. Cities pay multimillions to help fund and build sport stadiums for teams. I hadn’t researched or looked into this topic before, so I was very intrigued by this. At the end of this paper I will give my own personal opinion.

Sports Stadiums are an iconic staple of American tradition. However not everything about these venues is positive. Team owners take advantage of laws and fans to meet their own goals. Citizens and city officials from various locations have taken up their grievances with the NFL in the past. And it has gotten to the point where even political parties join together to bring to light issues with the organization. NFL stadiums are not good for cities because they take advantage of tax payers, hurt citizens on an economic level and cost them billions in subsidies.

Then came the concern that the universities built stadiums that were too big. Many feared that there would not be enough people to fill the seats on game day. A majority of the stadiums were built too large for the time period. The teams had to grow their fan basis by winning important games in order to get more people through the gates. Also, many stadiums were built to hold one big game and crowd a year. But, would this one game bring enough money in to pay off the millions of dollars that were spent to build the stadium? The large stadiums eventually paid off when the fan base became larger, but it took years for that to happen. Now, there are so many people that want to come to the games that there is simply not enough room for everyone.

Athletic events aren’t always held at traditional arenas. Those venues may cost far more money than an amateur sports team (and some professional teams) could possibly afford.

Some people might say that building an indoor baseball, softball, and football field is a waste of money and it would be too expensive. Each day people would have to pay a certain amount of money per hour they are there, or they could get a membership. If there are tournaments, the teams have to pay to enter them. Also Eldred could have fundraisers to earn money for the fields.

The issue at hand, however, is that power has shifted from the cities to the teams themselves. Professional athletic organizations have started taking advantage of cities by threatening to relocate unless they get public subsidies for expensive stadium renovations and construction. With this in mind it is imperative to ask today’s question: Do public subsidies for professional athletic organizations benefit their local community?

The Yankees plan on opening a Metro-North train stop right at the stadium so that fans from neighboring states can easily arrive and depart the game without dealing with the subway or the street traffic, which takes away from the hustle and bustle of the pregame street activities. This includes souvenir shops, food vendors etc. And finally, the most un-baseball related aspect of the new stadium on the list is the fact that Yankee Stadium will be open year round with clubs, restaurants, banquet rooms, conference rooms and business centers, and will host corporate outings, business meetings, bat mitzvahs, seminars and weddings (M.L.B. Advanced Media, “New Yankee Stadium Relocation Guide”).

Proponents of subsidizing sports stadiums is a great decision because the economic impact it will have on the community is great for two main reasons. First, sports stadiums are massive construction projects. In fact, one could compare them to a medieval cathedral in their attempts to dominate a skyline and inspire pride in one’s city And, just like these cathedrals, they are very expensive, and massive building projects that would require many years of hard painstaking labor. For example, the proposed stadium for the Los Angeles Rams in Inglewood, California, was predicted to cost $3 billion and add 22,000 construction jobs to the economy of Los Angeles, California. Although construction jobs do eventually disappear once a stadium is constructed once the games begin, so does the massive consumer spending. For example, more than 3.5 million people saw the St. Louis Cardinals play at Busch Stadium in 2015.

In the United States, new sports stadiums are commonly seen as a vital part of the redevelopment of a city having a great economic growth with the production of jobs and a positive income builder. After this, the owners of the pro sports teams with millions and millions of dollars of subsidies for the construction of new stadiums and arenas and expect these facilities to generate economic benefits exceeding these subsidies by large margins. However, a growing body of fact indicates that professional sports facilities, and the franchises they are home to, may not be engines of economic benefit anywhere claims Sachse, “. In reality, sports franchises typically account for a very small proportion of the total economic output of the cities in which they reside.” Some economical studies on the amount of income and employment in US cities find no evidence of positive economic benefits associated with past sports facility construction and some studies find that professional sports facilities and teams have a net negative economic impact on income and employment. It just shows that these results suggest that at best, professional sports teams and facilities provide non-pecuniary benefits like civic pride, and a greater sense of community, along with consumption benefits to those attending games and following the local team in the media; at worst, residents

   Abstract:  The Stadium  construction boom continues, and taxpayers are being forced to pay for new high tech stadiums they don’t want.  These new stadiums create only part-time jobs.  Stadiums bring money in exclusively for professional leagues and not the communities.  The teams are turning public money into private profit.  Professional leagues are becoming extremely wealthy at the taxpayers expense.  The publicly-funded stadium obsession must be put to a stop before athletes and coaches become even greedier.  New stadiums being built hurt public schools, and send a message to children that leisure activities are more important than basic education.  Public money

This directly impacts the projected NPV of the project as almost 95% of the cash flows are derived from this boost in sales. In addition to the financial support, remodeling the Stadium location also fits well with their business strategy. Some of the key supporting evidence includes a high percentage of the target market in the trade area at 42% of college educated adults, and a population with the highest median income of the group at $65,931. Most important to Target however, would be the maintenance of their brand. As a company that places a high value on the image of their brand, revitalizing a lagging store would both keep their presence in the local area and potentially draw more customers to an upgraded location. The final decision would be to accept the project under no budget constraints, but not issue new debt or equity to achieve it.

The Olympic Games is one of the biggest and most unrivaled sporting events in the entire world. At first it may seem like a huge plus or advantage for a city or nation to host this event. However on the contrary there are a lot of negative aspects that occur when a nation hosts this event. While the event is taking place, from the outside it looks like a state of the art, prestigious event that it is. Some of the problems that are caused by hosting Olympic games deal with, stadium development, local resident life, security issues, and many others that will be discussed. One of the big problems when dealing with a mega event such as the Olympic Games is the stadiums, which get built, and how they get abandoned or not used after the games are finished. This is one of the major problems surrounding the Athens 2004 games. Many of the stadiums and infrastructure are left untouched and abandoned to this day.