The old Giants Stadium is "the gift that keeps on taking." At least that's the way New York Times reporter Ken Belson describes it in an obsolete. The venue that was demolished this summer to make room for New Meadowlands Stadium still carries a debt of about $110 million - roughly $13 for every New Jersey resident. Seattle residents owe more than $80 million on the Kingdome, which was razed in 2000, and Indianapolis' RCA Dome, imploded in 2008, has $61 million in debt that will not be paid off until 2021. The stories are similar in other cities with gone or abandoned stadiums and arenas that once were cherished homes to professional sports franchises.
Belson's research reveals the excesses of publicly financed stadiums and the sway professional sports teams have over politicians, voters and fans. Instead of confronting teams, they buckle when owners - usually threatening to move - demand that the public pay for new venues. "Believe me, I'm not unaware of the debt situation that was left here in my lap by decisions made by previous administrations," New York Gov. Chris Christie announced in July, speaking from the 50-yard line at New Meadowlands Stadium. "But we're just going to have to deal with it."
