Detroit, in the midst of a bankruptcy, is planning to spend over $400 million of other people’s money on a new Red Wing Hockey rink. Those who fled Detroit can’t bear to be without an ultra-modern hockey rink. What better way to to entice them to move back than a demonstration of egregious-corporate-welfare-as-usual?
I guess this is the Governor’s way to pay Canada back for financing a new bridge. Might’ve been cheaper all around to move the Wings to Windsor.
Our One Tough Nerd approves this boondoggle, as does “Emergency” Financial Manager Kevin Orr. Orr is the guy who wants Detroit pensioners to take a haircut, while he auctions off the inventory at the Detroit Institute of Arts.
If it is as productive as it’s supposed to be, that’s going to be a boon to the city.
I can see the headlines now: “Octopus sales surge!”
But, that’s a big “if,” Kevin.
The Red Wings appear to have been negligent in paying their taxes already: Red Wings Owe Detroit Millions in Uncollected Cable Rights Fees.
On top of the that, sports stadia promoters always over-promise and under-deliver economic benefits: Politicians and Team Owners Snooker Sports Fans and Taxpayers.
See also: What Are the Benefits of Hosting a Major League Sports Franchise? Outside of the benefits for the team owners, apparently, none.