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Lots Of Debt, No Revenue... Great Deal. For Them. Not You
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The REAL dirty secret of sports isn't steroids or tawdry affairs. It's how stadiums are built by cities and states that take on so much debt that taxpayers -- that's you -- end up paying for them well after the places are torn down and replaced with new, even more expensive palaces. Giants Stadium isn't paid for and it's now a parking lot. Same for Veterans Stadium and countless others. It's not cheap, either: We're talking hundreds of millions of dollars in still-outstanding debt being serviced by you. Interesting, too, that the New York Times reports this without a single word on how the paper itself was a booster for the Atlantic Yards project with an arena in Brooklyn that is costing taxpayers a lot of money in a deep recession. (New York Times)
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