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July 2, 2008

So, why aren't naming rights counted as sports facility subsidies?

Atlantic Yards Report

From part deux of an interview with Neil deMause, the Brooklyn-based author of "Field of Schemes" explains why there's absolutely no good reason why the public shouldn't benefit from lucrative naming-rights deals, and how that relates to the creative financing scheme, dubbed PILOTs:

BruceBarclays02-sm.jpg

There’s no reason for this to be private money. If the public is building the stadium, if the public is owning the stadium, why should the team get to slap a name and get the money from it, or consider the money from it that pays off the stadium as paying off their share.

Y’know, I rent; if I decide to put a giant billboard on the roof of my house here--if my landlord lets me do it, I really don’t think he could let me keep all the money from it. If I say, I’d like to move into your apartment, but in order to pay my rent, I have to put a big billboard outside, he’s going to look at me as if I had two heads.
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It’s very odd that the state will own everything about the arena except the part that makes money.

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[Photo: Atlantic Yards developer and NJ Nets owner Bruce Ratner announcing the arena-naming-rights deal with Barclays Bank.]

Posted by lumi at July 2, 2008 4:51 AM