Final figures are not in yet, but based on the price of television advertising at $4.5 million for 30 seconds, ticket prices in the thousands, official NFL gear, especially at Gillette Stadium the day after the game, and what the NFL charged for those spectator suits that only really rich people can afford, the NFL did not do bad at all, somewhere in the multiple billions.
In 2014 that figure was $25 Billion for that one game
All of it tax is free because the NFL is a tax exempt entity.
Why?
The stadiums are usually paid for by taxpayers’ dollars, and it gets ridiculous when a state like Wisconsin has a governor who cuts money for school by $300 million, and then hands over $500 million to build a stadium.
Yeah, the stadium may offer low wage jobs to people in the city that the team decides it will move to, but teams also pit cities against each other to get the team that needs the stadium, and the winning city’s taxpayers never really get repaid.
Because they use federal dollars, people who live nowhere near a stadium and would see no benefit from their money spent on it pay for it without any benefit.
In his proposed budget the president wants to end the practice where cities and states help pay for stadiums by accessing tax-free government bonds subsidized by the federal government. This will apply to proposed stadiums where more than 10 percent of the arena or stadium is dedicated to private business use.
Since most, if not all stadiums have more than 10% of their taxpayer funded complexes closed to the general public, this restriction is major.
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Instead, cities would have to use bonds that are not tax exempt.
“You couldn’t do it any better if you believe like I do that we should not finance these things with tax-exempt debt,” said Dennis Zimmerman, a retired economist who worked for the Congressional Research Service and Congressional Budget Office. “Cities can still pay for stadiums, but there would be no federal subsidy paying part of the interest cost. That’s what’s at stake here: it’s “will the federal government pay a share of the interest costs?”
The tax exemption went into effect in 1986 as a result of the Tax Reform Act based on the assumption that revenue generated by ticket sales and concessions would limit public subsidies.
The opposite happened as teams saw a way to get a free stadium while making their own league profits.
Between 1986 and 2012 at least $17 billion in tax-exempt bond debt was created, and it will not be paid off until 2042.
In the meantime, with 21 NFL teams and 67 major league teams playing in these free stadiums, there is little economic benefit for cities and states while the value of franchises have doubled during that time.
President Obama’s proposal would not take effect until January 2016, and wouldn’t equal a fortune, but federal taxpayers would no longer be paying to build stadiums for the benefit of the team owners.
Cities would have to come up with more creative ways to raise local funds if they want a new stadium or to build their first one to attract a team that could up and leave if a better offer comes along later.
Right now, stadiums and arenas are filled with all sorts of luxurious stuff out of the reach of those who pay for them. Without federal tax money, these luxuries might have to be scaled down a bit, or become more accessible to the general public.
And with simpler stadiums that cities would be spending less on, other things like schools and infrastructure could be built, improved, and maintained.