The big topic recently in the Rays quest for a new stadium has been the debate over Tampa versus St. Pete. But the bigger problem is how would either city pay for a new stadium.
Everybody agrees that in this economy, it will take some creative financing to get funding for a new park. Well, one investment banker has proposed a solution for the Buffalo Bills that is so crazy, it might just work.
Rather than taxing the residents, he proposes that a new stadium be funded by selling bonds to the local residents. In other words, the fans would be loaning the team money for a new stadium. And in return, the fans would earn a modest profit and closer association to the team.
The proposal suggests a $200 investment in each bond. If a new Rays ballpark costs $500 million to build, that would mean 2.5 million bonds would need to be sold. Obviously a lot of people would “invest” in more than one bond.
So, let’s hear it. Would you be more supportive of a new stadium in your city if the funding was tied to a bond instead of a tax?