I called out the Columbus Dispatch last week for a misleading headline implying that the publicly owned Blue Jackets‘ arena was turning a small profit, so credit where credit is due for a Dispatch editorial today pointing out exactly how and why that was oh so wrong:
Nationwide Arena reports it will end its fiscal-year budget on June 30 with a profit of $316,000. That’s a paper profit, courtesy of a public bailout and the kind of creative accounting that would land an ordinary property owner in foreclosure…
Most people would see their financial situations vastly improved if they, too, could dispense with property taxes and mortgage payments.
The editorial also notes that Columbus residents voted five times against using public money for a sports arena between 1978 and 1997, only to have the Blue Jackets pursue a privately funded arena in 2000 — and then demand a public bailout eleven years later because they claimed they were losing money. Fighting against sports subsidies is really hard when teams owners only have to bat .167 to get everything that they asked for.