by Nicholas Beaudrot of Electoral Math
If I read this correctly, new Seattle Sonics' owner Clay Bennett will only keep the team in Seattle if someone sues to keep them there. Bennett, like any good sports team owner, is fishing around for a state-of-the-art, taxpayer financed arena for his team. Only, Bennett's demands are totally out of line with recent stadium construction trends; he wants the public to put up 80% of the money for a $500+ million arena [with the public on the hook for "cost overruns"], while most recent basketball venues have cost under $300 million and the public usually on footing 25-40% of the bill [with private financiers on the hook for "cost overruns"].
Faced with these demands, the state legislature has more-or-less ignored Bennett's requests, which have at least reduced the total cost of the proposed arena from $580 million to $530 million (What a bargain!). But Bennett appears unwilling to compromise (he has the good fortune of a chance to move to a built-and-paid-for arena in Oklahoma City), so letting him walk is the right thing to do. Should he change his mind, remembering that Seattle's media market is three times as large as OKC's with 33% more per-houshold income, I'm sure the state would be willing to settle on a more equitable financing arrangement.
Otherwise, let him walk.
See Lawyers, Guns, and Money, and the work of sports economist Andrew Zimbalist, for more on the Dollars and [Non]sense.
