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Take me out to the Cleaners Ball Game

An article in yesterday's WaPo on the proposed baseball stadium is full of fiscal fantasies:

  • annual revenue from the stadium itself suddenly increased from $10.5 million to $19 million
  • the team will draw 3.2 million fans the first year, even though only 4 of 30 major leagues teams drew that many fans last year
  • the average ticket price will be $26, while the average for all of Major League Baseball was just $18.69

But the identity of who is really on the hook for this boondoggle for millionaires was revealed in the final two paragraphs:

Major League Baseball cares little about the reliability of financial projections in stadium financing packages, said an official speaking on the condition of anonymity. Any shortfall would be the responsibility of the taxpayers who are paying the bill.

"It may make a difference for whoever's got to pay the bond eventually, but it doesn't make any difference to us," the baseball official said. "How they choose to believe . . . they can raise the revenues to service the debt and the bonds is really their problem, not ours."


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