Tuesday, April 9, 2013

Field of Schemes Author Says Latest CIB Giveway Solidifies Indianapolis' Lead in Making Bad Sports Deals

From the Field of Schemes blog:
What do you get for a team owner for whom you’ve already gotten everything? If it’s Indianapolis and Colts owner Jim Irsay, apparently the answer is $2 million worth of new luxury suites:


Which is totally to the benefit of the city and not just the Colts, because, um. But the Colts are paying $700,000 for some new ad boards for themselves at the same time, so it’s a public-private partnership, right?

In the grand scheme of things, $2 million on top of the $715 million that the CIB already spent to build Lucas Oil Stadium isn’t really all that much. Still, coming on top of the $33 million in operating subsidies the CIB threw at the Pacers three years ago, Indianapolis just solidified its lead as national champion at throwing good sports dollars after bad.
Actually it was $33.5 million and that doesn't count the additional $10 million the CIB gave the Pacers a few months ago.

So now Indianapolis is the subject of national ridicule because of the CIB's bad deals.  How long will it take before the General Assembly finally puts an end to this conflicted, unaccountable organization that is such irresponsible stewards of our public dollars?

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