Privately FinancedMore by Front Office Sports - June 30, 20200 Go to Source Author: Pat EvansAs MLS expands, teams are moving away from the publicly-financed stadium route. There are currently seven teams developing privately-financed homes worth a collective $2.85 billion.Teams and owners taking on the onus of these major projects is likely a relief to communities that have offered up billions of dollars for new MLB, NBA, NFL, and NHL arenas the past several decades, and in some cases shown regret since. Cincinnati, for example, shelled out $1.2 billion in taxpayer money for the homes of the Reds and Bengals, while FC Cincinnati is instead privately financing its new $250 million stadium.“It’s a different political economy from what it was a few decades ago. Cities are willing to say, ‘We’re not going to build that stadium for you,’” Brookings Institution Metropolitan Policy Program fellow Adie Tomer told the New York Times. The public dollars aiding billionaires in building stadiums only helped create “wealthy individuals faster than we’re creating sports teams,” Tomer added.After the Columbus Crew opened a $34 million stadium in 1999, another 19 MLS stadiums with a total cost of $4.2 billion were built in the ensuing 20 years. More than half of those came with “substantial amounts of public support.”Stadiums in the works: Austin F.C. – $260 million stadium and a $45 million training centerColumbus Crew S.C. – $300 millionF.C. Cincinnati – $250 millionInter Miami C.F. – $60 million training facility and a stadium as a piece of a $1 billion developmentNashville SC – More than $325 millionSacramento FC – $252 millionSt. Louis – $400 millionThe post Privately Financed appeared first on Front Office Sports. Go to Source Author: Pat EvansShare this: Click to share on Facebook (Opens in new window) Facebook Click to share on X (Opens in new window) X Related