IF IT INVOLVES SOCCER, IS IT A VICTORY?

I'm no fan of stadium subsidies.

Columbus Alive columnist Rob Moore invokes settled social science to prevent the local professional soccer squad from robbing more taxpayers.  "A highly respected poll of economists conducted last year found 24 major economists agreeing that stadium subsidies will cost taxpayers more than the economic benefits they generate. Only one economist dissented. This isn’t quite 'existence of climate change' level consensus, but it’s pretty close."

It's probably a higher level of consensus, as "climate change" per se is present as long as there are sun-spots, and the earth following an elliptic orbit of variable eccentricity whilst precessing on its axis.  There's probably more variation, particularly among economists, about the policy proposals Our Political Masters have in mind for the anthropogenic components of climate change, than there is about the rent-seeking generated by stadium subsidies.

Let us therefore praise Joe Mansueto, who will build his Chicago Fire a stadium on the site of the old Baltimore and Ohio coach yards with his own money.

There was no begging or badgering for billions in public funds. No threats to move the franchise to Nashville, Tennessee, or Tampa, Florida, or some other city desperate to lure a migratory sports team. No hand-wringing over downtown versus suburban stadium sites.

No demand that the public pay up, for the benefit of the wealthy sports team owner.

None of that came from Mansueto. Instead, the Calumet City native and billionaire founder of the Morningstar research and financial services firm simply published a notice in local newspapers. Mansueto’s full-page advertisement gracefully broke the news, stirring the spirits of a city that’s bone tired of sports team owners asking taxpayers to lay out billions so the owners can get even richer.

He's commended accordingly by Chicago Tribune guest editorialist David Greising.

Mansueto’s low-key move is simple: He’ll plunk down $650 million to build a 22,000-seat soccer venue in time to open the 2028 MLS season. And the knock-on effect is that the civic conversation about what government owes to sports owners who want to move their teams just got a lot simpler.

When asked by those owners, a firm “no” from city and state is definitely an option. The burden of proof for any kind of need should firmly lie with the owners; the public figures who give anything away should make a detailed and persuasive financial case to the public, and we hold elected officials accountable for any concessions they do make.

The Halas-McCaskey family, owners of the Chicago Bears, and Jerry Reinsdorf, lead owner of the White Sox, both have banked on public funding to help them build new stadiums. Reinsdorf on Thursday revealed he has agreed to sell the White Sox to investor Justin Ishbia beginning in 2029 — with capital infusions to come from Ishbia during the intervening years.

Chances weren’t good for either team even before the Fire announcement. Gov. JB Pritzker, in particular, has been steadfast in his refusal to help the Bears or the White Sox build new playgrounds for their teams. He allowed staff to meet with the Bears toward the spring legislative session, but nothing so far has come of what appeared to be a courteous gesture on the governor’s part.

It's time for public officials to say no to these hold-up attempts by sports team owners.  That "stadium-building boom" Mr Greising notes?  What would you expect, dear reader, when public officials get into that positional arms race for the jobs bonanzas that never materialize?

Unlike Mansueto and Ryan, it’s altogether possible that the Halas-McCaskeys and Reinsdorf simply cannot cover the cost of the new stadiums they covet. And both owners understandably believe their teams need new arenas in order to compete in their leagues, given the stadium-building boom that has beset professional sports.

There are options available that would enable both ownership groups to build new stadiums, maintain control of their teams and proceed without drawing from public funds. The Bears franchise last year was valued at $6.4 billion by Forbes magazine — nearly double the estimated value in 2020. The White Sox are worth more than $2 billion, according to Forbes.

All it takes is courageous politicians saying No to stadium subsidies, which is to say, we're going to be waiting a while.