Re: Your new Los Angeles Vikings
If Zygi paid for the whole thing, he'd get all the revenue from all the events. I don't see a problem in that case.
I don't want to pay for a stadium for a team that I'm not a fan of. At least put it to public vote.
Anywhichway, if anyone thinks a stadium won't be built, I have a Vikings Super Bowl Ring to sell you.
I'm not that big of a Vikings fan although I'd rather see them stay. However this really shouldn't be thought of as 'blowing' our money. If folks have ever had an investment...that's a much more accurate way to think of this.
Although I can't speak to its accuracy, one of the state's best financial outfits McGladrey Pullen put together a massive study to evaluate the value of pro teams and the Vikings inparticular. Now if the reports I read are correct, the public is covering $500 million or half of the stadium. Based on the study...this money would be regained in 8 years (Vikings operations + dome)...with everything beyond that gains. And that's without the value increasing as we go forward.
The dome has operated 30 years. The public cost to build the metrodome was $33 million and the public gains from the dome have been over $300 million and the gains from the Vikings in the last 8 years have been $170 million. If it took the dome to keep the Vikings here, that facility has to be one of the best financial decisions the state has ever made.
Highlights are as follows:
Public Investment in Sports Facilities and Taxes Generated by Professional Sports in Minnesota –
Twins, Vikings, Timberwolves and Wild (1961 through 2009)
• The estimated tax revenue collected in Minnesota as a result of major professional sports operations
is estimated to total $458,700,000. The public investments in the community sports facilities was $191,000,000.
•The source of the greatest estimated tax revenue generated from the Metrodome was from the
operations of the Minnesota Vikings, estimated at $166,500,000.
• The beneficiaries of these estimated tax revenues are:
o State of Minnesota $ 428,600,000 93.4%
o Hennepin County 200,000 0.0%
o City of Minneapolis 27,800,000 6.1%
o City of St. Paul 1,800,000 0.4%
o 5-County Transit 300,000 0.1%
Total $ 458,700,000 100.0%
Metrodome
• The estimated tax revenue collected in Minnesota as a result of Metrodome operations is estimated
to total $319,300,000.
• The beneficiaries of these estimated tax revenues are:
o State of Minnesota $ 304,700,000 95.5%
o Hennepin County 100,000 0.0%
o City of Minneapolis 14,400,000 4.5%
o 5-County Transit 100,000 0.0%
Total $ 319,300,000 100.0%
• The public investments in the Metrodome was $33,600,000:
o State of Minnesota $ 0 0.0%
o Hennepin County 0 0.0%
o City of Minneapolis 25,600,000 76.2%
o 7-County Liquor Tax 8,000,000 23.8%
Total $ 33,600,000 100.0%
http://prod.static.vikings.clubs.nfl.com/assets/docs/download-rsm-study-021511.pdf
