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NASHVILLE, TN – Americans for Prosperity-Tennessee (AFP-TN) today urged Mayor Cooper to continue protecting taxpayers from subsidizing a $250 million soccer stadium in Nashville.
$25 million in taxpayer money is going towards the stadium, and taxpayers are on the hook for a portion of the bond debt. If the team can’t generate enough revenue, then taxpayers will have to cover the entire $225 million in bonds.
Americans for Prosperity-Tennessee State Director Tori Venable issued the following statement:
“Corporate welfare for a soccer stadium is Robin Hood in reverse, taking money from hardworking Nashvillians to give to the powerful and well-connected. It’s tempting to think these stadiums will produce economic benefits, but history shows these taxpayer handouts to professional stadiums do not produce the economic boom they are touted to deliver. We thank Mayor Cooper for taking action to protect Tennessee taxpayer dollars from financing private business ventures.”
The grassroots group has long opposed stadium subsidies, viewing it as a form of corporate welfare that gives special interests certain advantages at the expense of taxpayers
A report by the Brookings Institution has shown billions of taxpayer dollars have been spent on sports subsides. To make matters worse, numerous economic experts have long stated stadiums do not spur economic growth.
Nashville is not alone in sending corporate welfare for stadiums in Tennessee. The Memphis Grizzlies’ FedExForum had little private financing with taxpayers footing the entire quarter-billion-dollar bill.