May 05, 2008
Spurs seek another $75M in tax money
The owners of the San Antonio Spurs have spent $500,000 on the campaign for a May 10 referendum that would extend the Bexar County venue tax on hotels and car rentals. That may sound like a lot of money, but the potential payoff is far greater: The San Antonio Express-News reports that the Spurs' AT&T Center - built in 2002 with $175 million in venue tax money - could rake in an additional $75 million from an extended tax.
Continues the Express-News:
Spurs management and county officials have said upgrades to the arena will be necessary to increase revenue streams to pay for the player salaries that have brought the team four championships.
According to Forbes, the Spurs are currently the NBA's 10th most valuable franchise out of 30, and 11th in annual profits, thanks in large part to those four championships, not to mention the last infusion of venue tax money. A more honest accounting, then, would be that the upgrades are "necessary to increase revenue streams so that player salaries are paid by public taxes, not out of our profits" - but that doesn't sound as good in a referendum campaign.
