Hey, it’s actual stadium subsidy news! The world may be padlocking its doors as we speak, but the Missouri Development Finance Board did find time to approve $5.7 million worth of tax credits for the expansion St. Louis MLS team‘s new stadium.
The vote was unanimous, with board chair Marie Carmichael saying afterwards, “I feel a lot better about this project. It is certainly more doable.” (The team’s initial request, for $30 million in tax credits, was rejected last December after it was determined that the state was plumb out of tax credits after its next $5.7 million.) Though at least one board member noted the, uh, problematic timing of all this:
Although he voted in favor of the project, board treasurer John Mehner raised concerns about approving the project at a time when the world is focused on battling the coronavirus.
“I’m worried about the optics … and whether this is the exact right time to take action,” said Mehner, who suggested waiting for up to two months to take up action on the tax credits.
There’s also the question of whether the sports world will ever be the same as it was just a couple of weeks ago: Leagues are already looking at returning to play games in empty venues, possibly much smaller ones that could effectively be used as TV studios; this could be the new normal for a long while if predictions are accurate that we’re likely to be on a “roller coaster” of reopenings and reclosings as the virus waxes and wanes over the next year or two.
And then there’s the question of how sports leagues survive the economic hit of canceling most of all of their seasons — while some leagues are sitting on deep reserves of cash, that’s not true for smaller leagues like MLS (and certainly not for minor-league sports). Will the league’s strategy of continued growth underwritten by continued expansion still be viable in a world battered by a months- or years-long economic crash? We’ve seen leagues before that have gone on hiatus because of what seemed like a momentary crisis and then never returned; I’m not especially expecting that for MLS, but there could still be major repercussions for its business model.
In the meantime, I guess take comfort in the fact that at least some business as usual is still going on, even if you can’t go to work or school or the weed store. Sure, it’s the business as usual of tax money being handed over to private enterprise to underwrite their profits, but we’ve gotta cling to whatever normalcy we have now, right?