Quote:
Originally Posted by the Talking Can
being publicly owned doesn't matter, it just means the public is left holding the bag while the terms ensure the investors get rich
Sheldon Anderson can afford to build his own stadium
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While it's certainly true that Addelson can afford to build a stadium, public funds are the only way a stadium is built in cities like Las Vegas and San Diego, as the owners aren't wealthy enough to build them without it.
I've said for years that Mark Davis should sell 49% of his ownership stake in the Raiders and take that money, along with the minority owner's funding to build the Raiders a stadium in the Bay Area. But for whatever reason, he refused to do so.
Same with the Spanos family. AEG was all ready to build a new stadium in DTLA, right next to Staples at LA Live!, if the Spanos family would sell 49% interest in their team to him, but they refused. Now, they're asking for public funds in San Diego because all of their net worth is tied up in the ownership of the Chargers and they can't build a new stadium without funding from the city and $300 million from the NFL front office.
It's corporate welfare but without it, San Diego doesn't have a football team and neither will Vegas.