Da Bears! Buy Arlington park……
 

https://chicago.suntimes.com/bears/2...locate-chicago

New stadium

In addition to destroying one of the premier tracks of American racing (the horse racing angle), I am really sad about this from a football angle as well. The City of Chicago gave the Bears everything they wanted, and tore apart a historic stadium to do it. New Soldier Field has a low capacity (keeping ticket prices high), a large percentage of luxury boxes and club seats, and tons of seats close to the field and between the goal lines. And the renovated stadium isn't even that old.

There's just no reason the Bears should be moving, and it's immoral that they took Chicago's residents for such a ride.

Seems like CDI found a kindred spirit for a partner/purchaser.

It sounds like they may negotiate some kind of better deal with Chicago to stay.

I understand the competition between cities and states for jobs. You sort of need that along with the threat of businesses and people moving to greener pastures in order to keep governments in check and make sure tax payers are getting good value and what they want for their tax dollars. But this kind of thing really smells. It could turn out to be a kind of blackmail that hurts taxpayers.

:ThmbUp::ThmbUp::ThmbUp:

Looking back on this thread....
http://www.paceadvantage.com/forum/s...lington&page=3

There were some posters that were in denial this was going to happen.
I'm not surprised...the NFL is in a very strong position and horse racing on the other hand in a very weak position and with companies like CDI doing the bidding of the grim reaper for some of the tracks that might be in trouble, you are going to see some more historic race tracks being sold off for development....my guess is CDI doesn't mind if some of their competitors tracks go by the wayside while their marquee track stays on top.

Actually without the city in the way, they get to keep all the revenue in the Bears organization. So yes they would have to spend more initially to acquire the property, but they keep all revenue streams generated from a stadium that is in their control.

My whole thing is why do these cities pay for it? A very similar thing is going on in Buffalo with the Bills. The stadium is already in the burbs but they need to tear it down and build a new one, which they really need to be updated. But why is a gun put to the tax revenue? These owners are billionaires and the NFL certainly is not hurting for money. It’s like they hold these municipalities at ransom knowing how much the new stadium/renovated means . Legal extortion with no remorse. Of course , the idiot I am , I’ll be at the game Sunday…….. lol

One big reason, and I can say this from experience in Los Angeles, one of the few places that has been resistant to providing public financing, is that there's a disconnect between what taxpayers want and what politicians, the media, and local tycoons want.

New stadiums are great for politicians, the media, and local tycoons. Politicians get free tickets in luxury boxes. The media get beautiful new press facilities and a team to cover (which means jobs). Local tycoons get to entertain clients in luxury seats at partial taxpayer expense (through both direct subsidy and a tax deduction). So as a result, proposed new stadiums always get massive support from politicians and local media.

Meanwhile, the public often gets ignored. The big reason why LA held the line is the public was not ignored. It became very clear on several occasions that politicians might lose elections if they voted to subsidize stadium spending. But in other cities, that hasn't happened (it kind of did in San Francisco which is why the Giants and 49ers privately financed).

That's probably exactly what they are going to say to the city as part of a negotiation to stay.

I take great pride in knowing nothing about politics and certainly high finance.

But I have to say. Reading about ANOTHER GREAT race track being demolished for a football stadium sure re opens some old wounds.

WTF is wrong with this world?

:eek: Yeah, in your case, I bet it does.




:(

Do you know any local tycoons or businesses writing off entertainment expenses? I agree with your basic message just don't throw the tycoons under the bus for a deduction that no longer exists.

They are no longer deductible as entertainment qua entertainment, but they can still be deducted as advertising or promotion or some similar line-item.

I am sure your tax department would write a favorable opinion regarding that strategy.

I am told this is happening.

If the IRS disallows it down the line, I am sure we will hear about it.

Is this a Baffert type approach to taxes? Keep breaking the law until caught. There has been zero written commentary suggesting that giving clients tickets to sporting events is currently a deductible expense.

AP huh. Why don't they move back to Dyche Stadium as they did a while back.

Smells like another outstanding Nagy decision. He will be long gone before The Arlington Heights Bears hit the gridiron.

$430 million to refurbish Soldier Field. What a bargain.

If Nagy helps design the new stadium it will look like SPT after it was reconfigured for auto racing.

Rich people pushing the limits on taxes is not a particularly new phenomenon.

And BTW, at least one firm that comments on luxury boxes and taxation has mentioned this.

https://www.suiteexperiencegroup.com...luxury-suites/

A billion in taxpayer money to build a factory that only operates 11 days a year. Unreal.

Rich people generally don't push limits on taxes without professional advice.

Selling tickets in the secondary market isn't exactly pushing the limits on taxes. The cost of game tickets given to clients are still not deductible.


You could also give tickets to a charity and take a deduction.

Rich people certainly get professional advice, but they also push the limits. The "luxury boxes as promotional expense" isn't even close to the most aggressive tax strategy I have come across, and bear in mind, I only hear about these things when they come up in litigation or I see them referred to in documents.

Tried and true strategy for CDI it seems

"Back in the day" (circa 1976), they actually built a racetrack so they could build a football stadium! This was at The Meadowlands. Didn't quite work out as the state had hoped (per usual in NJ), but that was the plan. Oh, how times have changed!

Below is a history I referenced to make sure I recalled the story accurately, so figured I'd link should anyone be interested in reading it (I think you can access it)

https://www.nytimes.com/2010/09/08/s...08stadium.html

The taxpayers are still on the hook for the Soldier Field renovation until 2032.
https://www.chicagotribune.com/polit...hq4-story.html

Frankly if I was a taxpayer in the area I would go full on revolt to make sure no taxpayer funds are going toward the new stadium, no matter how cool it might end up to be.