Book Review: Field of Scheme

743 WordsApr 23, 20093 Pages
Summary of the book The book, Field of Scheme, deals with the dark side of building a new stadium by comparing different perspectives between proponents and opponents. Proponents, such as owners of professional sport teams, politicians, and some of the media assert that the new stadium will provide great benefits, including local economic development, creating new jobs, and offering a pleasant sport environment to the local public. However, the authors of this book emphasize that although the public plays a key role in building a new stadium, such benefits are much more trivial than what proponents suggest. For example, local economic development is overrated by many researchers. Most of the jobs created by building a new stadium are dirty and part-time jobs that people do not want to engage in. Also, some of those who pay taxes for new stadiums can not go to the new pleasant stadium because they are too expensive compared to old stadiums. Key concepts related to the sport finance There are three important concepts related to building a new stadium: economic impact on the local community, tax issues, and stadium operating revenues. First, according to this book, the economic impact of the new stadium on the local community is trivial. People in favor of building a new stadium insist that it has a great economic impact on the local community. However, since many studies supporting it was made for beneficial parties such as pro-team owners and politicians, results of those studies are overrated. Second, when local governments build a new stadium, they need to increase taxes in order to secure capital. Those taxes come from property tax, income tax, and sin tax, etc. Since the use of both property and income taxes require the voters’ approval, the governments sometimes use sin tax to pay debt for the loaned capital. However, taxpayers paying for sin tax

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