This time last year, the Columbus Blue Jackets‘ Nationwide Arena was reported to be turning a $500,000-a-year profit since its takeover by Franklin County in a much-maligned bailout plan — a profit that disappears once you take into account that the county is subsidizing arena operations with $4 million a year in subsidies. And how are things going now?
The arena spent most of its second year under public ownership operating at a deficit.
A recent rally, thanks to special events that included Bruce Springsteen, Cher and Demi Lovato, has nudged the arena $426,000 into the black, according to the latest revenue report.
Again, that’s “in the black” if you don’t count the annual county subsidies to the arena, meaning the building is actually losing more than $3 million a year, but Franklin County taxpayers are making up the difference.
And why is this, tell us, Columbus Dispatch?
Put simply, the contracts allow everyone else to make money from the arena except taxpayers.
The Blue Jackets take all concession and parking revenue for all hockey-related events. Performers, such as Springsteen, demand a certain percentage of all ticket sales (usually 85 percent or more) before agreeing to come to Columbus.
The public also pays for improvements inside the arena, such as the nets on the hockey goals. More than $900,000 in public money was spent in the past year to replace and repair seats.
That’s right: Columbus area taxpayers are paying for hockey nets for a team that keeps 100% of the revenues from hockey games. Also, cue the jokes about why they need to replace seats when they’ve barely been used in the first place.