September 22, 2008
At Kucinich hearing, the question arises: why do cities give away naming rights?
Atlantic Yards Report
Though the Congressional hearing Thursday, “Gaming the Tax Code: Public Subsidies, Private Profits, and Big League Sports in New York,” (video) focused on Yankee Stadium, the issues raised do apply the planned Atlantic Yards arena, as I wrote.
Atlantic Yards came up exactly once, near the end of the hearing, when Rep. Dennis Kucinich (D-OH), asked a basic but important question about naming rights--and got back an answer that actually underestimated the value of the Barclays Center deal.
"Can you explain how cities who build stadiums for teams typically deal with stadium naming rights?" Kucinich asked. "I’ve always been mystified at how cities can make a rather enormous investment of tax dollars, whether it’s local, state or federal, into these facilities, and then have somebody else come along and put their name on it."
Good question. You'll have to read the article if you want to know the answer.
Posted by eric at September 22, 2008 9:51 AM