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This book updates the public policy dialogue on major league sports facilities and the property tax in the US. By providing a rigorous treatment of the property tax within the context of major league sports facilities, this volume debunks the widely asserted claim that most major league teams do not pay property taxes. The chapters methodically lay out the property tax status of every activity major league facility, the actual worth of that property tax expenditure, and the impact of property tax exemptions on local public services. Using empirical data, the volume provides a foundation for informed policy making regarding major league sports facilities. As such, this book will be a useful tool for researchers and students in sports economics, sports management, public policy, and public finance, as well as practitioners involved in the policy process. Economists have extensively studied the billions of dollars that state and local governments have devoted to funding professional sports stadiums. However, the implicit subsidies that stadiums typically receive through property tax exemptions has received scant attention. In Major League Sports and the Property Tax, Geoffrey Propheter thoroughly examines the common practice of removing sports venues from local tax rolls, which results in millions of dollars in forgone tax revenue that is often not reported in the public accounting of costs. Propheter provides a detailed examination of how property taxes are administered and the implications that derive from stadium property tax exemptions and abatements. His comprehensive analysis presents stylized facts and specific examples that provide the most thorough treatment on the subject to date. The breadth of analysis and meticulous coverage of relevant issues demonstrates why Propheter has emerged as a leading expert on the economics of stadiums. This is perhaps the most important book on the public financing of stadiums written in the past decade, and anyone interested in stadium economics will want their own copy to read and reference. JC Bradbury, Professor of Economics, Kennesaw State University
Exempting facilities from property taxes is a common method of subsidizing major league sports. This study finds that full and partial exemptions for 62 of the 114 active facilities cost taxpayers $263 million in forgone revenue in fiscal year 2013. Over 30 years, the exemptions are expected to cost the 38 host cities roughly $4.8 billion. It is expected that some franchise owners make alternative payments such as PILOTs, possessory interest taxes, or lease excise taxes, and therefore these forgone revenue estimates only tell part of the property tax story.
This volume takes readers inside the high-stakes game of public-private partnerships for major league sports facilities, explaining why some cities made better deals than others, assessing the best practices and common pitfalls in deal structuring and facility leases, as well as highlighting important differences across markets, leagues, facility types, public actors, subsidy delivery mechanisms, and urban development aspirations. It concludes with speculations about the next round of facility replacement amidst rapid changes in broadcast technology, shrinking domestic audiences, and the globalization of sport.
Competition among cities for the elusive prize of a professional sports franchise has spawned a building boom in stadiums, arenas, and ballparks. Local, state, and federal taxpayers subsidize professional teams that use a publicly owned sports facility. Typically, the state and local subsidy is provided through below-market rents, guarantees, and direct payments on behalf of the team. The federal subsidy is provided when state or local bonds are used to finance the facility. This article analyzes the legal and policy issues relating to tax-exempt financing of professional sports facilities. Section II examines the recent building boom in those facilities and the forces underlying that boom. Section III examines the federal tax laws on tax-exempt financing and the federal subsidy for publicly owned stadiums, arenas, and ballparks. Section IV analyzes whether there is any policy justification for the federal subsidy and examines the possibility of reform and potential legislative changes in the tax laws. The article concludes that such tax-exempt subsidies for professional sports venues are inequitable and not economically justified and argues that the building boom in professional sports facilities is an all-out raid by professional sports teams on local and national resources.
This four-volume set introduces, on the management side, principles and procedures of economics, budgeting and finance; leadership; governance; communication; business law and ethics; and human resources practices; all in the sports context. On the marketing side this reference resource explores two broad streams: marketing of sport and of sport-related products (promoting a particular team or selling team- and sport-related merchandise, for example), and using sports as a platform for marketing non-sports products, such as celebrity endorsements of a particular brand of watch or the corporate sponsorship of a tennis tournament. Together, these four volumes offer a comprehensive and authoritative overview of the state of sports management and marketing today, providing an invaluable print or online resource for student researchers.
"Updated and expanded, Principles and Practice of Sport Management, Third Edition offers a comprehensive introduction to the sport management industry. From the basic knowledge and skill sets of a sport manager to the current trends and issues of the sport management industry, this text provides the foundation for students as they study and prepare for a variety of sport management careers. Many well-known sport industry professionals contribute chapters that show students how to apply their new knowledge and skills. These experts provide firsthand advice on sport industry segments ranging from high school to the international arena. Students gain a solid understanding of sport management structures and learn to apply principles such as sport ethics to the many segments and support systems of the industry."--Book Jacket.
This definitive text on sports management and finance focuses on how the modern sports team has evolved. Addressing the fact that the 21st Century sports team has turned to a real estate development, media and entertainment corporation, this book focuses on the how and why of the change, rather than traditional finance topics such as borrowing money, ticket pricing and player compensation. It includes an assessment of ownership structures and discusses real estate development, facility designs, and their fit into urban centers.
Rich and his contributing authors provide a political and economic analysis of sports stadium construction in the United States—the impact it has on the sports industry itself and on the host communities in which stadiums and arenas are built. The book brings together the research of leading academic analysts of sports in American society and gives a candid assessment of the claims and benefits the sports industry makes, in its continuing promotion of new stadium construction. Focusing on Baltimore, Cleveland, Chicago, Boston, Detroit, New Orleans, Toledo and Phoenix, the authors examine the topic from the perspectives of history, politics, and economics—and in doing so they raise several questions about taxpayer and community protection issues. Specifically, what do communities really get out of these facilities? They point out that even as new and more expensive facilities are being built, Congress has not provided taxpayers and cities any real protection from the risks involved in stadium investment. Rich and his contributors examine how the pro-stadium coalitions mobilize and explain why stadium supporters manage to win most of their construction initiatives. In doing so, the contributors challenge the conventional wisdom that stadiums stimulate economic development and provide good jobs. On the contrary, they have not lived up to the promises owners made to their host communities. Neither have they generated high paying jobs nor have they met their operating costs. The book concludes with ways in which sports franchise owners can be held more accountable to their communities. The result is a powerful, well reasoned, skeptical but fair assessment of a growing phenomenon, and an important resource for professionals and academics in all fields of public policy administration and urban development and management.
From the basic knowledge and skill sets of a sport manager to the current trends and issues in the sport management industry, this best-selling text provides the foundation for students as they study and prepare for a variety of sport management careers. The authors, all well-known sport industry professionals, show students how to apply their new knowledge and skills to any segment in the sport industry from high school to the international arena. The Fourth Edition continues to offer historical perspectives as well as thoughts about current and future industry issues and trends. It has, however, undergone substantial content updates in every chapter, including the inclusion of new developments or managerial approaches happening in the sport world, as well as the addition of new chapters on new media in sport and club management.