Heavy Lifting - thoughts and web finds by an economist
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Monday, August 23, 2004
Jerry Jones is nothing if not a brilliant businessman. Not only has he figured out how to make anywhere between $10 to $60 million additional revenue per year by having Arlington build him a new stadium, he has entered into negotiations with Comcast cable for a Cowboys' Channel.
Jones does not own the Cowboys by mistake. The Cowboys do not remain the second or third most valuable sports franchises IN THE WORLD without the owner being fairly savvy. While it is not immediately clear whether those who purchase Comcast Cable will be forced to pay for the Cowboys station, in the end the value of the channel to the Cowboys is based upon the VOLUNTARILY revealed demand for the channel.
Unfortunately, in the case of a publicly funded stadium, the public contribution is involuntary (if the public referendum passes). Those who do not attend games in the stadium pay for the stadium. Those who spend more of their disposable income in Arlington will pay more for the stadium, regardless of their affinity for the Cowboys.
Purchasing Cable television is purely voluntary. Purchasing a new stadium may be involuntary - but also more expensive in the long run. Both are evidence of Jerry Jones business accumen but suggest, also, that Jerry Jones is less concerned with economic development in Arlington, or Dallas, Irving, or Grapevine, as he is with the bottom line of the Cowboys.
As a wise man once asked - "Cui Bono?" Who profits?
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