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Sports stadiums a $3.7 billion drain on taxpayers

PNC Park, Heinz Field, Consol Energy Center and other new major league sports stadiums have drained as much as $3.7 billion from federal tax revenue since 2000, according to a study by the Brookings Institution.

The Washington, D.C., think tank said the lost revenue stemmed from $13 billion in tax-exempt bonds issued to build or perform major renovations at 36 professional sports venues over the past 16 years.

Brookings found the amount of federal tax revenue lost, estimated at $3 billion to $3.7 billion, exceeded the savings that stadium builders receive because of the lower interest rates that tax-exempt financing provides.