Basketball welfare for Billionaires
At a time when Californians are experiencing brutal tax increases and cuts to vital services, it’s unthinkable for the state to secretly give away a billion-dollar asset to wealthy sports team owners. But that’s exactly what might happen. It’s corporate welfare gone pro.
Cal Expo – the publicly-owned home of the state fair and harness racing venue – is exploring a deal with the National Basketball Association to build a new “Entertainment Venue” as part of potential $1.6 billion deal. The arena portion is estimated to cost as much as $700 million and would be essentially given "free" to the billionaire owners of the Sacramento Kings.
Now, I love having a professional sports team here in Sacramento. I go to games, concerts and other activities at the current ARCO arena (pejoratively referred to as Echo Arena.) But public assets should be for… Read More