LeBron James is a Laker, which means the Cleveland Cavaliers will be really, really, laughably bad next season, and probably for many seasons to come. Which means Cavs fans won’t have much reason to come out and see the team’s new glass wall.
Bloomberg News, for one, is worried about the effect on the new ticket tax that’s helping pay for the arena’s renovations:
The departure of the team’s biggest draw could pose risks if attendance drops, given that a tax on ticket sales is used to help pay off the debt.
Risks to who would that be exactly, Bloomberg doesn’t say. But given that the ticket taxes would be collected by the city to help repay $140 million in public debt on the stadium upgrades, it sure looks like taxpayers will be on the hook for repaying it if there’s any shortfall, much like happened in Cincinnati with the Bengals stadium when sales tax receipts fell short, with dire consequences.
But hey, maybe with the Cavs’ future in the toilet, Clevelanders will instead spend more money on concerts — substitution effect, right? Except that the Cavs’ arena already just had a record-setting year for concerts, so expecting much improvement in that department is probably ambitious. Maybe they can sell the glass wall on eBay.