For decades, cities and states have wooed sports teams through
hefty subsidies for new arenas and stadiums, sums that have grown
along with the facilities’ price tags—despite the howls
of economists who deem them a poor use of public money.
Billionaires own 49% of the major professional sports teams in
America. Long-tenured owners are becoming billionaires thanks to
soaring team values, while the pool of prospective buyers is
increasingly limited to the super-rich.