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Tuesday, January 30, 2007

Public vs. Private Stadiums or "now that's inflation"

From this Fort Worth Star-Telegram story from Jan 30, 2007: "The Dallas Cowboys began construction on their new $1 billion stadium last April. The stadium is expected to open in time for the team's 2009 season."

What did we vote for? A $650m stadium.

From a Jan. 27, 2007 AP wire report:
The price of the new football stadium for the New York Giants and New York Jets in East Rutherford, N.J., has risen by $600 million to $1.4 billion. "Costs continue to go up," said Alice McGillion, a spokeswoman for New Meadowlands Stadium Corp., a company that represents the team owners. The teams, which announced the joint venture in 2005, originally estimated costs at about $800 million. The stadium will seat 82,000 spectators and include 217 luxury suite
In this case, the stadium construction costs are ostensibly coming from the NFL Giants and NFL Jets.

If the privately built stadium is already 75% more expensive than originally anticipated, what about the publicly built stadium? The ultimate cost of the Cowboys Stadium is likely to be more than $1 billion. Who pays the difference between the original $650m and the ultimate cost?

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