Time and again our State’s residents are told that professional sports teams will pay the full cost of stadium construction and are promised that no public funding will be used in the process. Yet, nearly every time our taxpayers wind up handing over big bucks to subsidize these professional stadium projects while team owners compete to see who can raise player salaries the highest. Our government in New Jersey has consistently played along and expressed surprise when suddenly our taxpayers are left with a bill that some politician attempts to explain in some convoluted manner. While not a situation involving a professional sports team, the recent plan announced to fund the expansion of the Rutgers stadium should be studied as a model for professional sports projects.
As recently reported, Rutgers had been seeking state funding for a stadium expansion, in the neighborhood of $100M. Last week, Governor Corzine informed Rutgers that the state money would not be forthcoming, a fiscally wise decision given our State’s skyrocketing debt. Instead, Governor Corzine is teaming up with Senator Ray Lesniak and other Rutgers alums to privately raise $30M to help fund the stadium expansion.
Continue reading ShapTalk.com: Why Not Consider the Rutgers Stadium Funding Concept for Professional Sports?Michael M. Shapiro, founder of ShapTalk.com, is an attorney who resides in New Providence, New Jersey. He currently serves as the Editor of The Alternative Press Contact Mike at mike@shaptalk.com