So here's the Chiefs' new stadium deal with the taxpayers in the state of Kansas. It's a fantastic deal for the team. For the taxpayers? Not so much.
In this lopsided arrangement, the Chiefs will keep 100% of revenues from ALL stadium events. We're talking tickets, concessions, sponsorships, naming rights, seat licenses, the lot.
What do Kansas taxpayers get. Well, as the rock band Kansas once sang, they get "dust in the wind".
The state will own the stadium (i.e. all the costs and debts) while the Chiefs will "pay" $7 million annually in rent.
But that "rent" money doesn't go back to the taxpayers. Oh, hell no. It goes into an account that the Chiefs can use for renovations, repairs, and operational expenses.
So the Chiefs get everything and the taxpayers get fuck all except a huge bill.
Kansas, meanwhile, is ranked 41st in long term fiscal stability. That ranking will only go lower with this stupidity. They will issue bonds but if the region underperforms, it will take more time and money to pay them back and the state may need to take tax money away from other areas to pay for them.
So the total ACTUAL cost to the state of Kansas, in terms of principal, interest, and opportunity costs, is going to be between $4-$6 BILLION.
This is insanity. And any politician who signs off on it should be hanged.