in_the_media

CNBC - January 31, 2011

Media Outlet: 

CNBC



80,000 people will watch the Super Bowl in Cowboys Stadium, one of the world's most expensive sport venues. To finance the stadium, officials increased taxes while floating some $325 million in bonds. But for cities in states that are struggling financially, "sport project spending makes a bad situation worse," says Emily Sparvero of Temple's Sport Industry Research Center. Because of a high debt burden due in part to funding provided for new stadiums, Philadelphia "is now perceived as a very high credit risk, which makes it more difficult and costly to issue additional bonds for money it needs now," she said.