Forbes lists Marlins Park as most expensive stadium disaster
Updated On: Jan 29 2013 03:33:11 PM EST
Forbes Magazine is calling Marlins Park baseball's most expensive stadium disaster.
The publicly-funded stadium cost $639 million to build and over the next 40 years, will cost taxpayers more than $2 billion.
To make matters worse, turnout at the stadium and revenues have been dismal
As a result, Forbes reports, team owner Jeffrey Loria is cutting the team’s payroll by at least $50 million this season.
Before the new stadium was built, the Marlins made more money by relying on funds from wealthier Major League Baseball teams. The magazine reports that from time to time Loria would spend enough money to have a dominating contender to keeps fans interested, like in 2003 when the Marlins defeated the New York Yankees to win the World Series.
Loria was perhaps counting on the financial boost new stadiums in other cities have received, and added more luxuries and amenities -- like the The Clevelander poolside bar -- hoping it would attract large crowds.
Unfortunately, tax payers got the short hand of the deal, as the expected boost to the local economy did not happen and the struggling sports team did not pay out.