Apparently, the Sonics’ stadium is dead. As a longtime listener of KJR Sports Talk Radio, 950 on YOUR AM dial, I’ve been following the latest Seattle stadium initiative with some interest. For the most part, there are two arguments, and they’re the same arguments that were made about a decade ago when the decision was made to level the Kingdome and build Safeco Field and Qwest Field for the Mariners and Seahawks.
Pro public funding of a stadium: Professional sports teams generate revenue, and thus the city / county / state should invest in a stadium.
Against public funding of a stadium: The public should not give millions to billionaires. If a stadium is such a good investment, then private financing should be readily available.
The argument against is stronger, in my opinion. As near as I can see, stadiums don’t by their nature generate a positive cash flow to a locality. Sure, there’s an influx of people to the stadium and a resulting tax dollar increase. OK, let’s do some quick math for a basketball team. 82 games per year, 41 home games. Say an average of 15,000 people attend each game (Key Arena holds a bit over 17,000). Say the average spend per person is $100 total, and we’ll say the tax is 10%, so $10 per person. So 41 * 15,000 * $10 = $6,150,000 per year. So, about $6 million per year. Say I’m off by a factor of 3… OK, that’s $18,450,000 per year. Call it $20 million. King County’s 2007 proposed budget is $507 million, so that’s about 4% of the yearly budget, being very generous. Less generous, and it’s 1-2%. However, when the initial outlay is $300 million or so (or perhaps just $250… the news reports $150 from King County and $100 from Renton), it doesn’t seem like a great investment.
Personally, I think the pro argument is the wrong one. Governments spend money on public buildings for professionals all the time — opera houses, symphony halls, theaters, and such, not to mention college stadiums where everyone makes money except the athletes. For the most part, buildings like symphony halls aren’t great investments. Symphonies and the like don’t make a lot of money. However, I find that they’re vital as far as the culture they bring to the community. Performing arts are critical to a community’s culture. And just like arts, sports are also critical to a community’s culture. Yes, there is a ton of money involved. Pop culture can do that. But take it away, and the community loses something.
That being said, it seems to me that the entire Sonics debacle is a crisis brought on by short-term greed. It seems the way to make money as a professional sports team owner is to buy, run the team for a number of years, and sell at a huge profit. Many owners can profit while they own the team, but some can’t, or don’t care to. Such is life. Cities and counties can also pay for stadiums, but they can’t necessarily pay for it on any given year. Sometimes a region feels relatively generous and can pay for things, other times it will feel pinched. Like if major bridges and freeways are in need of repair, and two other stadiums have been recently built. Now, the Sonics have been in Seattle for over 40 years, and have a huge fan base, so at some point the city or county will be up for building a stadium. But not now. So, a rational plan is to wait and keep pushing, and in a few years, something will go through.
Instead, a deal has to get done now, otherwise, the new owners will move ‘em out. It’s classic blackmail. Sadly, at this point the city / county / state isn’t in the mood to cave. Again, there are times when investing in culture makes sense, and other times when it doesn’t. Now, it doesn’t.
So, looks like the Sonics are moving to Oklahoma. Bah.