According to one analysis by Bloomberg News, if you include the revenue lost to tax exemptions on the municipal bonds issued for sports arenas, then the total subsidy for such facilities tops out around $4 billion. The lesson has taken a long time to penetrate the skulls of municipal leaders. According to The Atlantic, "just three of the NFL's 31 stadiums were originally built without public funds." And the past few decades have seen an increase in public underwriting of sports arenas. According to A. Barton Hinkle, attitudes may be shifting.
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