May 27, 2005
All me, all the time
For those of you looking for something wordier (and with more corn dog references) than my posts here on the Minnesota Twins stadium saga, you'll be happy to know that my latest Baseball Prospectus article on the Twins situation is free to all readers. Those living in the parts of New York City that carry the New York Sun can also drop 25 cents to read it in today's dead-tree edition.
(And yes, before you say anything: I know that it's I-94 that goes through Minneapolis, not I-90. Bowsprit, rudder - I always get those two mixed up.)
And for those of you who've always wanted to watch me type in real time, now that opportunity is yours: I'll be doing a live chat on BP's site next Wednesday, June 1, at 1 pm Eastern. (If you can't be around then, you can also pre-post questions via that link.) It's a baseball site, so try to stick to baseball questions, please, though general stadium-related queries are certainly always welcome.
The problem with the Twins' proposal isn't the size of public's investment per se, overlooking for now the regressive nature of sales taxes and the social issue of who pays vs. who benefits. The problem is the projected return on the public's investment. Pohlad puts up 25% of the cost, and gets 100% of the new stadium revenue. The public puts up 75% and gets the intangible value of major league baseball. What a deal! The team and the county have the nerve to call this a "partnership." 50:50 would be my idea of a partnership.
Meanwhile, Red McCombs just cashed in the Vikings, walked off with $350 million in profit, and already the new guy talks up a publicly-funded stadium so the team might be worth what he just (over)paid for it. Oops, there goes another half-billion. I don't care how rich these guys are (well actually, I'm a bit jealous, who wouldn't be?), but they got that way by pursuing their own interests. God Bless America. But who is looking out for the taxpayers' interests? I like sports as much as the next guy, but consider this: the University of Minnesota, ostensibly a public institution, is obliged to raise private funds to pay for its proposed on-campus football stadium, by far the cheapest of the trifecta. The social contract has been completely inverted. The city newspaper relentlessly editorializes for public acceptance of this travesty, all the while failing to disclose direct corporate/financial ties to major league baseball (a corporate director actually owns the Pittsburgh Pirates!). How can any democratically-minded person accept this situation?
Posted by PB on May 28, 2005 05:33 PM
Actually, Pohlad "got that way" by getting a state contract to run local bus service, slashing employee benefits and maintenance, and using the proceeds to buy into the Tropicana casino while dumping the bus company back on the state. God Bless America, indeed.
Posted by Neil on May 28, 2005 11:36 PM
Why does New York want the Olympics so badly? Is it really a money maker? Does New York's leadership think that the rest of the world doesn't know where New York is?
Posted by Reed on June 1, 2005 02:34 PM
Sorry, that was supposed to be on the other thread.
Posted by Reed on June 1, 2005 02:37 PM