Each and every single year, all of the major sporting leagues around the world – but especially right here in the United States – get a little bit bigger, get a little bit wealthier, and generate even more record-breaking revenue than they did the year before.
The NFL, the NBA, the MLB, and the NHL (and all of the smaller leagues across the US) contribute to a multi-hundred billion dollar a year industry, and each of the people that are lucky enough to own one of these teams are definitely padding their pockets along the way.
This has led some people to wonder whether or not these billionaires on these teams are the ones that are getting the best deal out of the arrangement, and whether or not the people of the city that hosts these major sports stadiums with big-league teams are getting hosed in the process.
If you’re interested in learning whether or not it’s such a good idea to have a major sports stadium and a major league team in your city, you’re going to want to pay close attention to the info included below.
Major sports teams and stadiums have a major impact on the local economy
It’s impossible to argue that major sports teams and stadiums have anything but a major impact on the local economy, though deciding whether or not that’s good news or bad news is a little bit more challenging.
On the one side, major stadiums and major sporting events are always going to bring a lot of tourists to the city that wouldn’t have showed up otherwise. Baseball teams are able to fill their stadiums with almost 30,000 people or more every single night for 81 nights a year – and more if they make the playoffs. Basketball teams are able to do the same thing 41 nights a year, and football teams are going to draw an almost insane amount of people today to home games they have every year.
Each and every one of these people aren’t just going to be spending money on their tickets to see the game, but also going to be visiting restaurants and bars, visiting shops, and are going to be spending more and more money than your average consumer would while they’re out to visit the game.
At the same time, these stadiums are anything but cheap.
In fact, it almost always costs at least $500 million to build a new state-of-the-art stadium and that’s not including the amount of money that you’re going to have to spend to get rid of the old stadium and re-purpose that land.
That’s a pretty stiff bill for taxpayers to foot.
There are considerable intangible benefits that a sports stadium with a major league team brings to the city
Of course, there are lot of intangible benefits that a sports stadium with a major league team is going to bring to the area as well.
Look at the New York Yankees, for example.
The hat that they wear as part of their uniform has grown to become something else entirely, a stamp on the global culture that comes to symbolize everything that New York is all about. It reaches far beyond the baseball diamond, and dips into cultures all over the world.
The perfect case study – the San Diego Chargers
Of course, if you’re wondering what kind of benefits a major sports stadium offers their local area, look no further than the unique case study of the San Diego Chargers.
For years and years now, the Chargers have been trying to get out from underneath the outdated confines of QUALCOMM Stadium – but so far they haven’t been able to. Qualcomm is an outdated stadium that lacks many of the amenities that newer stadiums today possess. It also lacks a central location, with no legitimate public transportation options which has contributed to a potential increase of drinking and driving. Now that they are actively trying to relocate themselves to Los Angeles, the government of San Diego is trying to do absolutely everything in their power to keep them around. Although many critics would argue that they have not been doing enough considering the fact that the NFL supports the Chargers staying put.
They understand that if they lose the Chargers they are going to lose a tremendous amount of revenue, businesses in and around the stadium site are going to lose a lot of traffic and a lot of sales, and even though San Diego is attractive in and of itself, it’s going to lose a lot of its draw for a very specific segment of the international tourist market. It not only will have an influence on the area around the stadium, but around the entire county as well. The repercussions will be felt far and wide.
It’ll definitely be interesting to see how everything shakes out in the year to come. But one thing is clear, when it comes to sports stadiums, the power currently is with the team as opposed to the city.