Friday roundup: Rays execs threaten to “evaluate alternatives” if Tampa won’t hand over $1B; could LA revise its Olympics deal?

There’s an absolute ton of news to get to today, but first the biggest news of all: The Field of Schemes gift vault is down to only one remaining numbered Vaportecture art print out of the 100 created for site supporters! That means the next person to sign up as either a new Patreon subscriber or new one-time donor gets print #100, and then there are no more! I’m working on a fun new reward or two for those of you who allow this website to happen, but it’ll take a minute for those to be ready — meanwhile, site supporters are still eligible to get any refrigerator magnets you haven’t already received, plus of course my eternal thanks for helping me devote the time each day to this site that, tragically, still has reason to exist after 28 years of this nonsense.

And speaking of nonsense, here’s more of this week’s stadium and arena news:

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Friday roundup: Rays stadium demands include federal disaster relief money, $10/year rent while keeping all revenues

On top of everything else this week, the Tampa Bay Rays management dropped their draft memorandum of understanding for a Tampa stadium deal, which sheds a little more light on what precisely they’re asking for in terms of public money. I’ve only had a chance to give it a quick read, but so has Noah Pransky of Shadow of the Stadium, so maybe combined we can hit the biggest takeaways:

  • This is just the Rays’ proposed MOU; county officials haven’t reviewed it yet.
  • Rays owner Patrick Zalupski wants it finalized by June 1, so that a stadium can be open by 2029 — probably an impossible timetable, but if it works to create a two-minute warning, sure, why not?
  • The land under the stadium itself, currently owned by the state, will be shifted to the county’s possession — so all of that previously reported between $1.1 billion and $2.5 billion in free land and property tax breaks is still in play.
  • The Rays will lease (or maybe “license”) the stadium for 35 years, for a rent of $10 a year. (No, that’s not a typo: not $10 million, $10.)
  • The stadium itself will cost at least $2.3 billion, with $251 million coming from the city of Tampa (source TBD unless I missed it) and $750 million from Hillsborough County, which will include hotel tax (TDT) money, sales tax surcharge (CIT) money, revenue from an already existing TIF district (Drew Park) around the site, and possibly federal disaster recovery block grant funds. that, notes Pransky, are “generally earmarked to rebuild housing & infrastructure that support low-to-moderate income populations.”
  • Any excess public revenue from all those tax streams will go into a future maintenance fund, so the actual amount of county funding could be much higher, a la the Atlanta Falcons‘ infamous “waterfall fund.”
  • “The Rays Stadium Entity intends to seek additional Public Funding from other available public funding sources,” so the total public subsidy could be even more much higher.
  • The Rays will impose a ticket surcharge, but that money will pay off the team’s portion of costs, not the public’s, so no help there.
  • Likewise, the “Rays Stadium Entity will retain all revenue generated pursuant to the Lease, including but not limited to revenue associated with tickets, parking, suites, signage, advertising, promotional inventory, sponsorships, concessions, merchandise, broadcasting rights, royalties, licensing fees, concession fees and other sources described in the Lease.” So the city and county will get bupkis in stadium revenues to help pay off their share, not even naming rights on a county-owned building.
  • This is all just an MOU for the stadium itself; the surrounding development appears to be waiting for a later date, so no more details on when that would be built, how much it would cost, how much in property tax breaks it would be receiving, or how on earth it could be “100 percent privately financed” but with “tax dollars from the district used to eventually pay off the tab.

So we’re at a minimum of $2.1 billion in public costs for the entire project, and a maximum of who the hell knows, but numbers like $4 billion or even higher are certainly not out of the realm of possibility. There are certain to be lots of questions from Hillsborough County Commissioners, especially on that CIT sales tax surcharge that voters were promised wouldn’t be used for stadiums (and which residents currently oppose using for a Rays stadium) — in the MOU it’s earmarked for “on-site horizontal infrastructure,” which could mean things like roads and sewers but also building foundations. In fact, County Commissioner Joshua Wostal, who is emerging as one of the louder critics of the deal, has already called attention to a clause saying if the city and county can’t come up with the funds in the MOU, they’ll need to “use best efforts to endeavor to secure alternative financing,” something Wostal said seems to be a “poison pill” intended to “force the commissioners to vote no in what seems to be an intentional killing of the deal.” Or maybe they just hope commissioners will agree to anything, it’s happened before!

More on all that next week, surely. In the meantime, here’s the rest of this week’s news:

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Friday roundup: Has Cleveland’s mayor actually found a way to make Guardians and Cavs owners help pay for own repair costs?

No time for a lengthy roundup intro today, I’m too busy catching up with the latest problems resulting from sending Microsoft Outlook into space. Plenty of juicy bullet points, though, you can dig into those right now:

  • Cleveland Mayor Justin Bibb is proposing establishing sales tax surcharge of up to 5% in and around the Guardians‘ stadium and Cavaliers‘ arena to help fund what could be $400 million in ongoing repairs and upgrades at the venues, expenses the city’s sports authority is required to cover under the teams’ leases but which it has no money for. Cleveland.com describes this as “Cavs and Guardians fans footing the bill,” but actually a lot of this could fall on the team owners, as fans are unlikely to put up with higher prices on tickets (or, to a somewhat lesser degree, hot dogs or souvenirs) just because taxes went up. One catch: Any “New Community Authority” would require any property owners to agree to join and be subject to the tax; the stadium and arena are owned by the sports authority, though, so it’s at least possible Bibb could force this on the teams over their objections. Lots of team prepare for such backdoor funding attempts by inserting “no ticket tax surcharge” clauses into their leases — I’m not spotting any in the Cavs and Guardians leases on an initial look, but feel free to search for yourselves.
  • NFL Commissioner Roger Goodell turned up the heat on the Chicago Bears stadium situation on Tuesday, declaring: “They need to find a solution for a stadium. … I think it’s really important that they come to a resolution on this relatively soon. … This is an important time to get this resolved sooner rather than later.” Okay, that’s less “heat” than “typical commissioner whingeing,” no reason to report on this as upping the pressure in any real oh come on, NBC Chicago.
  • Predatory lending tycoon Tom Dundon has been approved as the new owner of the Portland Trail Blazers, and he was not pleased at all that one of the first questions he got was why he hasn’t committed any of his own money toward an arena renovation that the team is seeking $600 million in public subsidies for. “No one’s ever told me I didn’t have skin in the game before,” snapped Dundon. “We don’t know each other very well. So, look, we’re going to negotiate and do a market deal.” Easy for him to say since he’s already landed the first $365 million in state funding, but at least maybe this will give local legislators a bit more backbone as they negotiating the remaining $235 million — especially since minority owner and venture capital succubus Sheel Tyle declared, “I don’t want people to be concerned or scared. We are committed to Portland, 100 percent. Full stop.” Somebody please alert Ron Wyden.
  • The Maryland legislature has killed legislation for the 2026 session to spend $217 million in public money on a stadium to host new Baltimore men’s and women’s soccer teams, partly because there’s community opposition to building it atop a public golf course that was the site of some of the first integration of the city’s public facilities. “When we introduced the legislation, the purpose was not to get it funded,” bill sponsor state Sen. Antonio Hayes told the Baltimore Banner, “the purpose was to keep the conversation going” — so you can rest assured we’ll hear about this again in the 2027 session.
  • Denver Broncos owner Greg Penner says he won’t be able to meet an “ambitious” 2031 target date for opening a new stadium without help from “a lot of key partners at the city level [and] at state level.” In particular, Penner still needs to finish acquiring land for the stadium — he said if the new stadium isn’t ready by 2031 he could just extend his lease at the old one, so it’s not clear why anyone would feel pressured by this deadline other than him, but this is just how team owners roll.
  • The Missouri legislature is considering cutting $2 million from its stadium maintenance budget and redirecting it to a fire department program in retaliation for the Kansas City Chiefs announcing they’ll move to Kansas in 2031 — though in the meantime, it would also reduce maintenance spending on the Royals stadium as well, assuming the Royals stick around.
  • World Cup participant countries typically get tax exemptions during their teams’ time spent in the host nation, but because Trump administration is only extending that courtesy to nations that have signed specific double-taxation agreements with the U.S., “It’s going to cost most non-European countries a lot of money to go to the World Cup” this summer, says tax consultant Oriana Morrison. And that’s before visiting fans pony up for the inflated cost of train tickets to the games in Massachusetts. Props to both the federal and local governments for finding ways to claw back some of the costs of hosting the World Cup, I guess, though taking it from the pockets of Haitians seems just slightly cruel and unusual.
  • Inglewood is spending $8.5 million to “revitalize” its downtown so that it’s more lively in advance of the 2027 Super Bowl and 2028 Summer Olympics, hey wait, weren’t Super Bowls and Olympics supposed to revitalize their surroundings? U.S. news media, we await your corrections.
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Friday roundup: Pittsburgh cancels in-person school while hosting NFL Draft, this is just a thing that happens now?

It’s been quite a week: In case you missed it, I spent much of it keeping up with the comment storm after this Q&A about a paper on housing policy published on Monday. (Turns out people have very many feels about housing policy.) Add in a busy week of stadium news, and I should probably take the day off from typing to avoid a repetitive stress injury — but not before taking a run through the week’s additional stadium and arena news, that’s more important than my wrist tendons.

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Friday roundup: Blazers threatened councilmembers’ careers if they didn’t subsidize arena, Rays stadium tax vote planned for April 1

Would love to have a witty introduction for you here, but it’s late enough already and this week’s bullet points are far too juicy to wait any longer!

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Friday roundup: Bears battle drags on, Blazers subsidy heats up, 15 teams now angling for Ohio unclaimed funds cash

It’s Friday! But because of other commitments, I’m writing this from Thursday evening! So if there’s any breaking Friday morning news, complain about it in comments, and we’ll get to it on Monday, which for me will probably be Sunday. You following all that? Doesn’t matter, just read your bullet points, they’re good for you:

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Friday roundup: Friends don’t let friends read stadium news coverage, Bears’ list of places not to move to keeps growing

One of the things you learn if you read enough articles with the word “stadium” in them, as I am condemned by an ancient mummy’s curse to do, is how very many news reports are just about nothing. For every article that tells us some actual information, there are easily five to 10 that are just meant to fill pixels with something easily reportable, regardless of whether it qualifies as “news,” let alone “reporting.”

Just this week, we’ve had: MLB commissioner Rob Manfred is in favor of the Tampa stadium plan that his co-bosses the Rays owner wants and he’s “optimistic” about getting it done; a Baltimore soccer stadium is “gaining momentum,” according to a headline describing a press conference by Baltimore’s mayor, who didn’t actually even say that; Denver Broncos president says team leaders are “laser-focused” on building the tax-subsidy-funded stadium in a rail yard they already said they want; the Broncos president says actually the rail yard is only the “preferred” site and team execs are still considering other options; Minnesota Timberwolves co-owner A-Rod says a new arena is a “necessity” for the 6th-in-the-Western-Conference, $3.6-billion-valued franchise “to compete”; Kansas City Mayor Quinton Lucas says he’s determined to build a new Royals stadium that will create “economic development” in a way that’s “fair and transparent for our taxpayers,” no details provided.

That’s a whole lot of Important People giving press conferences in order to get their message out in the news media, which the news media is happy to oblige for them. For normal people, meanwhile, the only option is to try to get space on an op-ed page, if you can convince the op-ed editors that you should be allowed to have an opinion that diverges from that of Important People. It’s also an awful lot of reporters’ time spent on this when they could be trying to investigate all the open questions about what these stadium deals would actually entail for taxpayers and why elected officials are pushing them — but asking questions takes up valuable time that could be spent transcribing press statements. As the old journalism adage goes, “if your grandmother says she loves you, take her at her word and put it on the front page, so long as she owns a local sports team.”

Enough whining about the news media, time to attempt to do some actual reporting by, uh, seeing what’s in the news media:

  • The Chicago Bears have almost as many places now in neighboring states wanting to be their new home (without offering any money toward it) as they do in the Illinois suburbs: In addition to Gary, Indiana, there’s now Portage, Indiana, plus the entire state of Iowa. While the Bears moving to Iowa sounds like a joke and probably is, at least there’s a bill there to provide actual state tax credits toward a stadium; in Indiana, meanwhile, even the bill to create a stadium authority with no funding attached now isn’t going to move forward, Indiana legislators say, until the Bears owners first commit to moving there if it does. Illinois Gov. JB Pritzker and state legislative leaders might want to just bide their time and see if all the new Bears move threats evaporate just like the last round did, though it sure sounds like they’re more interested in throwing state money at the problem while the move-threat iron is hot.
  • Tampa Bay Buccaneers owner Joel Glazer still wants the major stadium renovation he asked for last April before he’ll sign a five-year lease extension, and Hillsborough County Commissioner Ken Hagan has assured Glazer that the county’s plan to divert more than a billion dollars in tax money to a Rays stadium won’t get in the way of diverting money for the Bucs. In exchange for only a five-year extension, by the way, it would only take about $220 million in subsidies to break the record for priciest per-year lease extension in U.S. sports history, you can pretty much take it to the bank that that’ll be the plan.
  • On the subject of that Baltimore soccer stadium, D.C. United owners said on Thursday that they’re planning to build a 12,000-seat venue on the site of Carroll Park Golf Course, to host a minor-league MLS Next Pro franchise and a pro women’s team owned by former NBA star Carmelo Anthony. And by “planning to build” I of course mean “hoping to receive $216 million in state money to build.” One of the state lawmakers sponsoring bills to provide the cash says “the stars have aligned” now that Carmelo Anthony is on board, maybe somebody should call a local economist to see if studies have found that involving Carmelo Anthony increases economic impact? If nothing else, it would be interesting to see what they’d say if they could ever stop laughing.
  • Foxborough, Massachusetts officials say they may not issue a permit for men’s World Cup games to be played at the New England Patriots stadium in June unless someone helps cover $8 million in security costs that the town is currently faced with paying, Asked why Patriots owner Robert Kraft, whose team is worth an estimated $9 billion, couldn’t just cut a check, FIFA World Cup Boston 26 organizers said the Krafts are offering up the use of their football stadium for two months in “peak period” of the NFL offseason, what do you want from them, blood?
  • The Center Square is a libertarian-leaning news site that has generally been pretty skeptical of stadium subsidies, so for it to run the headline “Seahawks’ Super Bowl win temporarily jolts local Seattle economy” is pretty notable — or would be if the gist of the actual article weren’t “U.S. Chamber of Commerce claims Seattle will benefit from the Seahawks winning the Super Bowl, economist Victor Matheson says one study found a short-term bump in per-capita income from Super Bowl-winning cities but it may have just been a spurious finding because ‘when you test 100 different things, even if all those things are random, one of them is going to end up being the best.'” At least the Center Square called an actual economist, unlike those corporate stooges at Al Jazeera in their article on how the Super Bowl will be a windfall for the San Francisco Bay Area despite the 49ers not being in the game and also economists consistently saying no it won’t be.
  • If Cleveland Browns owner Jimmy Haslam can’t get money to build roads and pedestrian bridges around his new Brook Park stadium from the state of Ohio, he’ll ask for $25 million from the federal government instead, there’s got to be someone to stick with the bill that isn’t named Jimmy.
  • Also in K.C. Mayor Quinton Lucas news, marginally more newsworthy edition: The mayor wants to cut spending on everything except a Royals stadium and more cops.
  • Plans for an Indianapolis MLS stadium have gone from on hold to pretty much dead, according to Indiana legislative leaders, though in stadium deals just like in comic books, only Uncle Ben ever stays dead for good.
  • The Oakland/Sacramento/Las Vegas Athletics just applied for another billion dollars in building permits for their planned Vegas stadium, everyone gets that applying for a permit doesn’t mean you’re actually committing to spend the money on the project, right? Maybe requiring personal seat licenses to buy some A’s tickets in Vegas will help raise the needed funds to employ the permits, anything is possible.
  • Nope, nobody got back to me from Wyandotte County about how their Kansas City Chiefs stadium subsidy numbers were arrived at, I’ll just assume it was the traditional “dart board and add lots of zeroes” algorithm.
  • If you have time to kill next Thursday at 3 pm Eastern/noon Pacific, tune in to Alissa Walker’s Torched Talk with me and Chris Tyler from Strategic Actions for a Just Economy on whether it’s worth it to Los Angeles to host the 2028 Olympics, and what the city could do to try to extricate itself if it’s not. Zoom link is here, calendar it now, see you then!
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Could FIFA really move the 2026 World Cup out of the U.S.?

Ever since the Donald Trump administration started ordering immigration officers to abduct people who don’t look like Donald Trump and the Supreme Court said “cool, cool,” questions have been raised about how it was going to work for the U.S. to co-host the men’s soccer World Cup this summer. With U.S. travel bans in place against several nations that made the tournament, on top of the risk fans from other countries would face of being grabbed by death squads and thrown into a waiting van, there was talk that maybe even FIFA would have second thoughts about the propriety of holding a major international sporting event in the U.S. — though also, you know, FIFA.

Now that the death squads are getting more deathy, though, the talk has suddenly grown louder:

A few caveats here: The “German soccer official” is the president of the German soccer club St. Pauli, which is famously activist and may not represent the rest of the nation’s soccer hierarchy. Blatter, formerly the face of FIFA, was ousted in disgrace in 2015 and has been vocal in criticizing the organization he once headed ever since. The UK bill to demand that the World Cup be moved out of the U.S. only has 26 sponsors out of 650 members of parliament, and in any case wouldn’t be binding on FIFA.

And yet! Headlines like “Calls for a Boycott of the World Cup Grow” were not what either the U.S. or FIFA anticipated when the 2026 World Cup was assigned to a combined bid from the U.S., Canada, and Mexico, and the possibility of tons of fans being either prevented from attending, too frightened to go to the U.S., or pissed off enough at Trump to stay home in protest has to have FIFA officials at least having second thoughts. And there’s a relatively easy fallback option: U.S. World Cup matches could be shifted to the other two host countries, though Canada and Mexico would have trouble selling tickets for quite as exorbitant prices as the U.S. would. Shifting games out of the U.S. has to still be considered unlikely, but it’s also the kind of thing where support for a boycott could snowball quickly, once enough Sepp Blatters start saying it out loud.

And why are we talking about this here at Field of Schemes? Only because getting to host major events like the World Cup is often held out as a carrot for public funding of new or renovated stadiums, and even if that’s wildly overblown to start with — how many World Cups or Olympics or even Super Bowls is one stadium likely to host in its expected 30-years-or-less lifetime? — the promised benefits start deflating if your prize event turns into an international embarrassment. Defenders of Olympics in particular counter reports showing that host cities almost always lose money hand over fist by arguing that you can’t put a price on the value of your city appearing on the world stage, but for every Barcelona Olympics that shows the world how awesome Catalonia is (albeit at the risk of then being besieged by too many tourists), there’s a Rio de Janeiro where most of the world ends up concluding “LOLBrazil.” The U.S. may yet escape being clowned internationally this summer — Fox Sports can be counted on not to mention it on air, certainly — but it’s yet another cautionary tale about the risks of putting too many eggs in the “this will bring tourism!” basket.

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FIFA’s bait-and-switch on sponsorships could cost US cities $250m during 2026 World Cup

I was on a stadium panel at Baruch College yesterday — video evidence to be available shortly, I hope — and one of the points I tried to make was that both elected officials and voters need to closely examine stadium deals, because the total costs almost always involve something hidden in the fine print, often around who gets what revenues and who pays for what operating expenses.

And while the latest news about the 2026 Men’s World Cup isn’t a stadium story per se, it does reveal the importance for cities to pay attention to the details when signing major sports deals:

The new “Host City Supporter” programme … involved the host cities – Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York/New Jersey, Philadelphia, San Francisco, Seattle, to go with two in Canada and three in Mexico – signing up to contracts where they bore most of the costs, with limited access to tournament revenue, but on the understanding this could be made up by the new programme.

The aim was that every city would make around $25-30m from this, through a total of 10 Host City deals per city, but most cities are currently nowhere close to either target due to how restrictive Fifa’s own sponsorships are….

As one example, Philadelphia explored a $5m deal with local convenience store chain, Wawa, but the company’s sale of food was considered a breach of Fifa’s exclusivity agreement with McDonald’s.

Yep, FIFA, in the most FIFA-y way possible, told North American host cities that bearing all the World Cup costs while getting no direct World Cup revenue (not even sales taxes!) would be fine, because they could sell their own sponsorships — but then made it nearly impossible to find sponsors because FIFA’s own sponsors had locked up almost all of the market categories. The Independent reports that some cities have resorted to approaching “local dry cleaners and mechanics,” which is not likely to get them up to $25-30 million apiece in sponsorship revenue.

How much of a hole will this leave host cities in? The Independent says that the 11 U.S. host cities are facing “a collective shortfall of at least $250m.” However, the paper also claims that a requested $625 million in federal funding — FIFA Peace Prize winner Donald Trump hasn’t committed to it yet — would provide “an average of $56.8m [which] won’t come close to meeting costs,” implying that either it’s a $250 million loss per city or that whoever was editing this part of the Independent story didn’t read the “collective shortfall” piece. Earlier reports had the per-city costs as in the $100-200 million range, so the truth is likely lost in the fog of FIFA war.

This is par for the course for sports mega-events: Nobody knows how much exactly the Olympics cost, either, even in years when the host city doesn’t literally set fire to its ledgers. But whether it’s city taxpayers or federal taxpayers who end up footing the bill, it’s sure not going to be FIFA, which should help make up some of the organization’s shortfall now that it’s promised to stop taking bribes, maybe.

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Friday roundup: Vegas A’s details still TBD, Jags plan worse than reported, $90m Cleveland soccer subsidy floated

It was a bit of a slow news week for once — a rarity in this year of a constant firehose of sports subsidy battles — but we still got Jacksonville Jaguars owner Shad Khan demanding $775 million in public money for stadium upgrades. And a bunch of other stuff happened! Let’s scroll through the news detritus:

  • The Oakland A’s have presented a nonrelocation agreement to the Las Vegas Stadium Authority, and plan on submitting an actual financial plan for building a stadium sometime this summer, according to Mick Akers of the Las Vegas Review-Journal. Las Vegas Stadium Authority Board chair Steve Hill insists that A’s owner John Fisher “has the ability” to fund the rest of his stadium out of his own pocket if he wants, but keep in mind Hill works on behalf of the A’s stadium project in his spare time, so big grains of salt apply. Meanwhile, Bally’s says it’s still thinking about where on its land the A’s stadium would go — given that’s it’s too big to fit anywhere, maybe they could put it in that thing their aunt gave them that they don’t know what it is?
  • That $150 million apiece from the Jaguars and the city of Jacksonville for community benefits like public housing turns out not to be an actual 50/50 split, as the city would spend it over the next five years while Khan would have 30 years to spend the money. That’d be more of a 37/63 split in terms of present value, or even worse depending on how backloaded Khan’s spending is.
  • Someone at one of the community “huddles” on the proposed Jaguars stadium asked Jacksonville Mayor Donna Deegan if the plan shouldn’t be put up for vote in a public referendum, and Deegan responded, “I believe the referendum was my election back in May.” Did voters know that’s what they were casting ballots on? That must have been one long candidate statement.
  • The proposed owners of a proposed NWSL women’s soccer team and MLS Next Pro minor-league men’s soccer team in Cleveland have revealed renderings for a new downtown stadium, while also noting in passing that they want $90 million of the $160 million cost to be paid for with city, county, and state money, plus team “investors.” Did we mention there’s an animated video walkthrough? “We’re not just investing in a game. We’re investing in a future,” said Greater Cleveland Sports Commission CEO David Gilbert, and when that future has kick-ass action-movie music, who could say no?
  • In case you’re wondering what the eight members of the St. Petersburg city council think of the Tampa Bay Rays$1.5 billion stadium subsidy plan, the answer is: could be better (Brandi Gabbard), opposed (John Muhammad), in favor (Ed Montanari), could be better (Deborah Figgs-Sanders), in favor (Copley Gerdes), opposed (Richie Floyd), opposed (Lisset Hanewicz), generally in favor (Gina Driscoll). That would seem likely to lead to lots of horse-trading to win over Gabbard, Figgs-Sanders, and Driscoll, somebody go find them some development money for projects in their districts, stat!
  • Plans to turn over the RFK Stadium site to the District of Columbia, possibly for use as the site of a new Washington Commanders stadium, hit a snag this week as Montana Sen. Steve Daines objected that the team hasn’t done enough to honor the designer of its old logo, Blackfeet Tribe member Walter “Blackie” Wetzel, saying “they could do something very significant in terms of ensuring the legacy of that logo.” Nobody seems to know what exactly Daines has in mind, possibly including Daines, but as bills like this are generally passed by unanimous consent, he must be appeased before the land transfer can take place, so this could get truly batshit.
  • Vancouver Mayor Ken Sim said that hosting seven 2026 World Cup matches is “the equivalent of 30 to 40 Super Bowls,” and that sound you just heard is thousands of economists’ souls crying out in agony.
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