I would like to elaborate a bit
i sell peanuts during events for fun, but; my main job is to be an accountant for a few sports partners.
More than $3 billion in tax revenue was lost on tax-exempt municipal bonds used to finance pro sports venues.
Leiweke, who aligned the Islanders with private money to build UBS Arena, agrees that it’s best to avoid public funds.
“Municipalities and states need to be spending their money on schools, education, transportation, and life safety,” finance these buildings and operate these teams to find new revenue streams going forward,” he added.
In most circumstances, teams have leverage when soliciting public dollars, and sometimes threaten to relocate if they don’t get the money. That can hurt local economies.
Barrett projected up to $15 billion would be invested in new pro sports venues over the next 15 years. That estimate increases to $20 billion when calculating renovation projects. Both Barrett and Mulvihill suggest more teams will remodel than start new.
The Jacksonville Jaguars and Green Bay Packers are among the NFL teams looking to remodel. In the Packers’ case, they raised money by issuing [$90 million of public stock to help fund a $250 million renovation project to Lambeau Field.
“You’re going to see significant investments over the next 10 to 15 years,” said Barrett, adding Major League Soccer franchises including champions NYCFC among teams lurking for new stadiums.
Should clubs line up private financing, which they usually do, more revenue awaits.
The Clippers aligned [nearly $1 billion in naming and partnership deals for Intuit Dome, which is scheduled to open in 2024. Paul Danforth, president of CAA Sports, said fintech and crypto companies are particularly eager to spend money on sports to establish their brand in a digital age.
Danforth cautioned markets like Buffalo shouldn’t expect megadeals like Los Angeles teams, “but it’s still a great opportunity for a brand in upstate New York and into the NFL.”
But some of these businesses are growing at such a rapid pace that it’s accelerating their opportunity to be in those conversations. And these opportunities don’t come around that often. So that’s why brands want to be associated with them,
I like terra luna all sport is my life