Professional sports are rife with rent-seeking. Billions of dollars of rent are generated and kept by team owners and professional athletes every year, a practice that generates enormous deadweight losses to society. The solution is to remove the privilege – in this case, public subsidies used to build or renovate the stadiums and arenas used by professional sports teams – by expanding popular ownership of sports franchises.
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This essay shows how changing the ownership of sports franchises may be the best way to end the practice of taxpayers subsidizing sports stadiums. The Green Bay Packers illustrate one way to do this, offering a model for other communities to follow.
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