Posts
The Stadium Authority Scam
How "Public-Private Partnerships" Privatize Profit and Socialize Risk
THE LAND GRAB — Post 6 | February 8, 2026
Post 1: The $335 Million Question — Brady's Raiders "discount"
Post 2: The Forbes Gap — Valuations exclude billions in real estate
Post 3: The Public Subsidy Shell Game — $12B welfare = private wealth
Post 4: The Green Bay Test — Non-profit proves owners lie
Post 5: The Tax Arbitrage Scheme — Shelter gains through team "losses"
Post 6: The Stadium Authority Scam ← YOU ARE HERE — Public-private = privatize profits
Post 7: The Global Pattern — NFL to EPL to Saudi
What Is a Stadium Authority?
A stadium authority is a special-purpose public entity created by state or local governments to finance, own, and operate sports facilities. They exist in nearly every city with an NFL team.
How they work:
- Creation: State legislature or city council passes a law creating the authority
- Board: Appointed by elected officials (governor, mayor, city council, county commissioners)
- Powers: Issue bonds, acquire land, own facilities, enter lease agreements, approve development
- Funding: Bonds backed by tax revenue (hotel taxes, sales taxes, stadium district levies) or general funds
- Purpose: Supposedly to protect public interests while facilitating stadium construction
The theory:
Stadium authorities are supposed to be independent public entities that balance taxpayer protection with team needs. They issue bonds (spreading costs over decades), own the stadium (public asset), and lease it to teams on terms that generate revenue for debt service and public benefit.
The reality:
Stadium authorities are captured by team ownership. Board members are appointed by politicians who desperately want to keep or attract teams. Those politicians face enormous pressure from owners (who threaten relocation) and from business interests (who want the team for prestige and development). Board appointees know what's expected: approve deals that keep the team happy.
The result: authorities issue bonds (public risk), lease stadiums to teams on favorable terms (owner control), approve development deals that enrich owner-affiliated entities (private profit), and take the blame when things go wrong (public accountability).
Stadium authorities are nominally public. Functionally, they serve private owners.
THE THEORY (How They’re Sold to Public):
• Independent public entity protecting taxpayer interests
• Issues bonds to spread stadium costs over time
• Owns stadium as public asset
• Leases to team on terms that generate revenue for debt service
• Balances public benefit with team needs
• Board = public servants accountable to voters
THE REALITY (How They Actually Operate):
• Captured by team ownership interests
• Board appointed by politicians desperate to keep team
• Approves deals favorable to owners (long leases, below-market rent, revenue control)
• Issues bonds = public debt risk
• Owner controls stadium operations and revenue
• Owner benefits from surrounding development
• When things go wrong, authority (not owner) is accountable
• Public gets: debt service obligation for 30 years
• Owner gets: stadium control, revenue, development leverage, option to buy for $1
PATTERN:
“Public-private partnership” = public puts up capital, takes risk, owns asset
nominally. Private owner controls operations, captures revenue, benefits from
appreciation, has no downside.
Case Study 1: Clark County Stadium Authority (Las Vegas Raiders)
Structure:
- Created by Nevada Legislature (2016)
- Board: 9 members appointed by Clark County Commission, LVCVA, and Nevada Governor
- Purpose: Finance, own, and operate Allegiant Stadium
The deal:
- Authority issued $750 million in bonds backed by 0.88% hotel occupancy tax increase
- Bonds mature over 30 years, serviced by hotel tax revenue (~$50-60M annually)
- Authority "owns" the stadium
- Raiders lease stadium for 30 years at below-market rent
- After 30 years, Raiders have option to purchase stadium for $1
What the Raiders control:
- All stadium revenue: Suites, club seats, naming rights ($20-30M/year from Allegiant Air), concerts, events, parking, concessions
- Operations: Raiders manage day-to-day operations, book events, set pricing
- Development leverage: Raiders have influence over surrounding development (relationships with county, stadium authority, developers)
- Exit option: Can buy stadium for $1 after 30 years (2050), turning $750M public investment into private asset
What the public gets:
- Nominal ownership: Authority owns the stadium, but Raiders control it
- 30 years of debt: $750M + interest = ~$1.2B total repayment (hotel taxes locked up for 30 years)
- No revenue share: Public doesn't get stadium revenue (all goes to Raiders)
- Relocation risk: If Raiders leave, authority stuck with debt and empty stadium
The board:
Who's on the Las Vegas Stadium Authority board? Appointees include:
- County commissioners (elected officials who campaigned on bringing Raiders to Vegas)
- LVCVA representatives (tourism industry wants team for convention/hotel business)
- Governor appointees (Nevada wanted NFL team for state prestige)
None of these people have incentives to push back on the Raiders. Their political careers depend on keeping the team. The tourism industry profits from having an NFL team. The board's job isn't to protect taxpayers—it's to facilitate the deal.
And that's exactly what they did. The authority approved a lease giving the Raiders control over revenue, operations, and future purchase rights. The public pays $1.2 billion over 30 years. The Raiders get a $2 billion stadium and surrounding development leverage for $1.25 billion in private investment plus a $1 purchase option.
PUBLIC CONTRIBUTION:
• $750M bonds issued (2017)
• Backed by hotel occupancy tax (tourists pay, public takes risk)
• 30-year maturity: ~$1.2B total repayment with interest
• Hotel tax revenue locked for 30 years (can’t fund other services)
WHAT PUBLIC “OWNS”:
• Stadium (nominally)
• But Raiders control via 30-year lease
• No revenue share (suites, naming rights, events all go to Raiders)
• After 30 years: Raiders can buy for $1 (turn public investment into private asset)
WHAT RAIDERS CONTROL:
• All stadium revenue (naming rights: $20-30M/year, suites, events, parking)
• Operations (booking, pricing, management)
• Development leverage (influence over 200+ surrounding acres)
• Exit option ($1 purchase after 30 years)
STADIUM AUTHORITY BOARD:
• County commissioners (want team for political capital)
• LVCVA reps (tourism industry profits from team)
• Governor appointees (state wanted NFL prestige)
• No members with incentive to protect taxpayers
• Board approved deal giving Raiders everything, public nothing
THE PARTNERSHIP:
• Public: $1.2B debt, 30 years locked revenue, zero upside, relocation risk
• Raiders: $2B stadium for $1.25B investment, all revenue, development leverage,
$1 purchase option
This isn’t partnership. This is extraction with a public entity as the vehicle.
Case Study 2: Arlington Sports and Entertainment (Dallas Cowboys)
Structure:
- City of Arlington created authority to finance and "own" AT&T Stadium (opened 2009)
- Total cost: $1.15 billion
- Public contribution: $325 million (city bonds)
- Jerry Jones contribution: $825 million
Ownership structure:
Technically, the City of Arlington owns AT&T Stadium. Jerry Jones and the Cowboys have a long-term lease.
But here's how control actually works:
- Revenue: Cowboys keep 100% of suite sales, club seats, naming rights ($17-19M/year from AT&T), parking, concessions, and non-NFL events (concerts, college football, basketball tournaments)
- Operations: Cowboys manage all stadium operations—booking, staffing, pricing, maintenance (city has no operational control)
- Development rights: Cowboys have influence over surrounding development in Arlington stadium district
- Lease terms: Cowboys have extremely favorable long-term lease (details not fully public, but includes revenue control and minimal rent)
What the city got:
- Nominal ownership of a stadium they don't control
- $325 million in debt (bonds plus interest over 30 years)
- Property tax revenue from stadium district (minimal, offset by TIF and other incentives)
- Prestige of hosting Cowboys, college games, Super Bowls
What Jerry Jones got:
- $325 million in free capital (no repayment, city takes debt)
- Control over $1.15 billion stadium
- 100% of stadium revenue (suites generate $50M+/year alone)
- Development leverage over surrounding Arlington stadium district
- Appreciation in Cowboys value driven by new stadium (team went from ~$1.5B in 2009 to $10B+ now)
The city also gave Jones control over parking revenue—one of the most lucrative aspects of stadium economics. AT&T Stadium has massive parking lots. Cowboys games, concerts, college games—every event generates parking revenue. The city owns the land, but Jones's entities collect the fees.
This is the pattern: public entity "owns" the asset, private owner controls the revenue.
THE DEAL (2009):
• Total cost: $1.15B
• Public (City of Arlington): $325M (bonds)
• Private (Jerry Jones): $825M
• City “owns” stadium, Cowboys lease
WHAT CITY OWNS (Nominally):
• Stadium building and land
• But zero operational control
• No revenue share (all goes to Cowboys)
• $325M+ debt service (bonds + interest over 30 years)
WHAT JERRY JONES CONTROLS:
• 100% of revenue: suites ($50M+/year), naming rights ($17-19M/year),
parking, concessions, non-NFL events
• Operations: booking, staffing, pricing, management (city has no say)
• Development rights: influence over Arlington stadium district
• Long-term favorable lease (details not fully public)
PARKING REVENUE (The Hidden Goldmine):
• City owns parking lots (public land)
• Jones entities collect parking fees
• Every Cowboys game: $40-75/car × 20,000+ cars = $800K-$1.5M per game
• 10 games/year + concerts + college events = $15-20M+/year in parking alone
• Public owns asset, private owner captures revenue
THE PATTERN:
City paid $325M for nominal ownership. Jones paid $825M for actual control.
Jones gets all revenue, all appreciation, all development leverage. City gets
debt and prestige. This is extraction disguised as partnership.
Case Study 3: Metro Nashville Sports Authority (Tennessee Titans)
Structure:
- Created by Metro Nashville government to finance new Titans stadium (opening 2027)
- Total cost: $2.1 billion
- Public contribution: $1.26 billion (60% of total cost)
- McNair family contribution: $840 million
Financing:
- Authority issues $1.26 billion in revenue bonds
- Backed by tourism taxes (hotel occupancy, short-term rental, stadium district sales tax)
- 30-year repayment: total cost with interest ~$2+ billion
The deal:
- Authority owns the stadium
- Titans lease for 30 years (with options to extend)
- Titans control all stadium revenue and operations
- Stadium anchors East Bank development—a 100+ acre mixed-use district where private developers (McNair-affiliated entities and partners) control billions in real estate value
The East Bank connection:
This is where the stadium authority scam becomes explicit.
The new Titans stadium is the centerpiece of Nashville's East Bank redevelopment. The public is investing $1.26 billion in the stadium plus hundreds of millions in infrastructure (roads, bridges, riverfront improvements).
Who controls the East Bank development? Not the stadium authority. Not Metro Nashville. Private developers, including entities with ties to the McNair family and their partners.
The stadium authority builds the anchor. Private developers capture the value in residential towers, office buildings, hotels, retail, and entertainment venues around the stadium.
Authority board composition:
Nashville's stadium authority board includes:
- Metro Council appointees (politicians who campaigned on keeping the Titans)
- Mayor's office representatives (administration that negotiated the deal)
- Business community members (real estate developers, tourism industry reps who profit from the stadium)
None of these people have incentives to push back on the Titans or question the East Bank development structure. The board's job is to approve the deal and issue the bonds.
And they did. The public pays $1.26 billion (plus $1B+ in interest over 30 years). The McNairs get a $2.1 billion stadium plus control over the East Bank development anchor. Private developers make billions on real estate. The authority takes the debt risk.
THE DEAL (Opening 2027):
• Total cost: $2.1B (new enclosed stadium)
• Public (Metro Nashville): $1.26B (60% of cost)
• Private (McNair family): $840M
• Authority “owns,” Titans lease 30 years
PUBLIC INVESTMENT:
• $1.26B in revenue bonds (backed by tourism taxes)
• 30-year repayment: ~$2B+ total with interest
• Plus: $500M+ in infrastructure (roads, bridges, riverfront, transit)
• Total public investment: ~$2.5B+
WHAT TITANS CONTROL:
• All stadium revenue (suites, naming rights, events, parking)
• Operations (booking, management, pricing)
• Anchor tenant status for East Bank development
THE EAST BANK CONNECTION:
• 100+ acre master-planned district along Cumberland River
• Includes: residential towers, office, hotels, retail, entertainment, parks
• Stadium = anchor making entire development viable
• Public pays $2.5B+ for stadium + infrastructure
• Private developers (McNair-affiliated entities + partners) control development
• Billions in real estate value created by public investment
• Private developers capture appreciation and rental income
• Authority/public gets: zero revenue share from development
STADIUM AUTHORITY BOARD:
• Metro Council appointees (pro-Titans politicians)
• Mayor’s office reps (negotiated the deal)
• Business community members (real estate devs who profit from stadium)
• Board approved deal giving Titans/developers everything, public debt
THE MATH:
• Public: $2.5B+ investment, 30 years debt, zero development upside
• Titans: $2.1B stadium for $840M, all revenue, anchor tenant status
• Private developers: Billions in East Bank real estate driven by public investment
This is the most explicit stadium authority giveaway in NFL history.
The Pattern: How Stadium Authorities Operate
Las Vegas, Arlington, and Nashville represent different subsidy amounts and structures, but the same underlying pattern:
Step 1: Create a public entity
Legislature or city council creates a stadium authority with board appointed by politicians who want to keep or attract the team.
Step 2: Issue bonds (public debt)
Authority issues bonds backed by tax revenue (hotel taxes, sales taxes, general funds). This spreads costs over 30 years and makes the immediate hit less painful politically. But it locks public revenue into debt service for decades.
Step 3: "Own" the stadium
Authority owns the stadium nominally. This lets politicians claim it's a "public asset." But ownership without control is meaningless.
Step 4: Lease to team on favorable terms
Long-term lease (30+ years) at below-market rent. Team controls all revenue (suites, naming rights, events, parking). Team manages operations. Public has no say.
Step 5: Enable development extraction
Stadium becomes anchor for surrounding real estate development. Owner-affiliated entities and partners control the development. Land appreciates 300-500% due to public investment. Private developers capture the gains.
Step 6: Public takes the risk, owner takes the profit
If team succeeds, owner profits from revenue, appreciation, and development. If team struggles or leaves, authority is stuck with debt and empty stadium. Owner has no downside.
Step 7: Rinse and repeat in 30 years
When lease expires, owner threatens to leave unless city funds renovations, upgrades, or new stadium. Authority issues more bonds. Cycle continues.
STEP 1: CREATE PUBLIC ENTITY
• Legislature/council creates stadium authority
• Board appointed by politicians desperate to keep/attract team
• Board members: pro-team politicians, business interests who profit
STEP 2: ISSUE BONDS (Public Debt)
• Authority issues bonds backed by tax revenue
• Spreads cost over 30 years (politically easier than upfront cash)
• Locks public revenue into debt service for decades
STEP 3: “OWN” THE STADIUM
• Authority owns stadium nominally (public asset on paper)
• Politicians claim victory (“we own the stadium!”)
• Reality: ownership without control = meaningless
STEP 4: LEASE TO TEAM (Favorable Terms)
• 30+ year lease at below-market rent
• Team controls all revenue (suites, naming rights, events, parking)
• Team manages operations (booking, pricing, staffing)
• Public has zero operational control
STEP 5: ENABLE DEVELOPMENT EXTRACTION
• Stadium anchors surrounding real estate development
• Owner-affiliated entities control development
• Land appreciates 300-500% (driven by public investment)
• Private developers capture gains, public gets nothing
STEP 6: PUBLIC RISK, PRIVATE PROFIT
• Team succeeds: owner profits from revenue + appreciation + development
• Team struggles/leaves: authority stuck with debt + empty stadium
• Owner has no downside (didn’t put up full capital, keeps revenue regardless)
STEP 7: REPEAT IN 30 YEARS
• Lease expires, owner threatens to leave
• City funds renovations/upgrades/new stadium
• Authority issues more bonds, cycle continues
This isn’t partnership. This is a wealth extraction vehicle with a public
label.
Why Stadium Authorities Fail to Protect Taxpayers
Stadium authorities are supposed to be independent entities that balance public and private interests. In practice, they fail at this for structural reasons:
1. Board capture
Board members are appointed by politicians who desperately want to keep or attract teams. Those politicians face enormous pressure from:
- Owners (who threaten relocation if demands aren't met)
- Business interests (hotels, restaurants, developers who profit from teams)
- Voters (who emotionally want teams and will punish politicians who "lose" them)
Board appointees know what's expected: approve deals that keep the team. They're not independent. They're facilitators.
2. Information asymmetry
Owners have lawyers, financial advisors, consultants, and decades of experience structuring stadium deals. Authorities have limited staff, less expertise, and political pressure to get deals done quickly.
Owners exploit this asymmetry ruthlessly. They present complex lease terms, revenue structures, and development agreements that favor ownership. By the time authority staff and board members understand the terms, the deal is politically committed.
3. No meaningful accountability
When stadium deals go bad, who gets blamed? The authority board members (many of whom have moved on by the time problems surface). The politicians who appointed them (often out of office). But not the owners.
Owners face no consequences for leaving (they've already extracted value through revenue and development). Authorities face consequences (debt service continues regardless of whether team stays).
4. Revenue structure favors owners
Stadium deals are structured so that owners control the most lucrative revenue streams:
- Suites and club seats: $50-100 million per year for large-market teams
- Naming rights: $15-30 million per year
- Non-NFL events: Concerts, college games, other sporting events
- Parking: $10-20 million per year
Authorities get nothing from these streams. They're responsible for debt service ($40-80 million per year) while owners keep the revenue that would service the debt.
5. Development control lies with owners
Authorities build stadiums. Owners control surrounding development through separate entities, partnerships, and influence.
The public pays for the anchor. Private developers capture the land appreciation. Authorities have no mechanism to share in development gains.
The "Public Asset" Myth
Politicians love to claim that stadium deals create "public assets." The authority owns the stadium, so taxpayers own a valuable piece of infrastructure.
This is a myth.
What does "ownership" mean if you don't control revenue or operations?
The Las Vegas Stadium Authority "owns" Allegiant Stadium. But:
- Raiders control all revenue
- Raiders manage operations
- Raiders can buy it for $1 in 2050
- If Raiders leave, the authority owns an empty building with $750M+ in remaining debt
That's not ownership. That's holding the bag.
Real ownership means control and benefit. Stadium authorities have neither. They have nominal title and actual liability.
Compare to Green Bay:
The Green Bay Packers actually own Lambeau Field. They control operations. They keep revenue. They make capital decisions. They can't sell it or relocate because of their non-profit structure, but they have real ownership.
That's what public ownership could look like. But no city has demanded it because owners won't accept it. Real public ownership would prevent extraction.
WHAT POLITICIANS CLAIM:
“We own the stadium! It’s a public asset! Taxpayers benefit!”
WHAT “OWNERSHIP” ACTUALLY MEANS:
LAS VEGAS EXAMPLE:
• Authority “owns” Allegiant Stadium
• But Raiders control: all revenue, operations, booking, pricing
• Raiders can buy stadium for $1 in 2050
• If Raiders leave: authority owns empty building + $750M+ debt
• Public ownership = holding title + holding debt, zero control/benefit
ARLINGTON EXAMPLE:
• City “owns” AT&T Stadium
• But Jerry Jones controls: suites ($50M+/year), naming rights ($17-19M/year),
parking ($15-20M/year), all events
• City has zero operational control
• Public ownership = nominal title, actual liability
REAL OWNERSHIP (Green Bay):
• Packers actually own Lambeau Field
• Control operations, keep revenue, make capital decisions
• Can’t sell/relocate (non-profit structure)
• This is real ownership: control + benefit
THE DIFFERENCE:
Real ownership = control + revenue + decision-making authority
Stadium authority “ownership” = title + debt + zero control
Calling stadium authority ownership “public ownership” is like saying
you own a house when the bank holds the deed, someone else lives in it,
and you just pay the mortgage.
What Reform Would Look Like
Stadium authorities could actually protect taxpayers if structured differently:
1. Revenue sharing tied to public investment
If taxpayers fund 60% of a stadium (Nashville), they should get 60% of stadium revenue until bonds are paid off. After bonds are repaid, shift to 30-40% ongoing revenue share.
This would make "public-private partnerships" actual partnerships.
2. True public ownership with operational control
Authority owns stadium and controls operations. Team is a tenant like any other. Authority books events, sets pricing, keeps revenue. Team pays market-rate rent.
This would prevent owner revenue extraction.
3. Development equity for public investment
If public pays for stadium infrastructure that makes surrounding land valuable, authority gets equity stake in development. When private developers build on adjacent parcels, authority gets percentage of profits or land appreciation.
This would capture public value from private development.
4. Independent board with taxpayer advocates
Authority boards should include independent members with fiduciary duty to taxpayers. Not just political appointees or business interests who profit from deals.
Require board members to have expertise in public finance, real estate, or sports economics. Prohibit conflicts of interest.
5. Clawback provisions for early termination
If team leaves before bonds are paid off, owner must repay remaining public subsidy. This creates downside for owners and prevents extraction-and-run.
6. Full transparency
Require public disclosure of:
- Complete lease terms (not redacted "proprietary" sections)
- Revenue generated from stadium (suites, naming rights, events, parking)
- Development deals involving authority-controlled land
- Board member conflicts of interest
Sunlight is the best disinfectant.
None of this exists in current stadium authority structures. Owners would never agree to these terms. And politicians won't demand them because they're desperate to keep teams.
So the scam continues.
The Next Layer: How This Model Spreads Globally
We've now documented the complete extraction model:
- Post 1: Minority stakes (Brady) include flip taxes and real estate exposure
- Post 2: Forbes Gap—$20+ billion in owner wealth hidden in real estate
- Post 3: Public subsidies ($12B+) funded the infrastructure
- Post 4: Packers prove football is profitable without extraction ($68.6M)
- Post 5: Tax arbitrage shelters billions ($30B+ league-wide over 15 years)
- Post 6: Stadium authorities facilitate extraction while providing public cover
This is the NFL domestic extraction playbook. Six posts documenting how owners use teams to build real estate empires on public subsidies while sheltering billions in taxes and claiming poverty in labor negotiations.
But this model isn't staying domestic.
American sports ownership—NFL, NBA, MLS—has pioneered these extraction techniques. And now they're exporting the playbook globally:
- American owners buying Premier League clubs and importing stadium authority structures
- MLS expansion using NFL-style public subsidies and real estate plays
- Saudi Arabia (PIF) studying the NFL model for their sports investments
The extraction model is going global. That's Post 7: The Global Pattern.
We'll show how the NFL real estate playbook is spreading to European soccer, Middle Eastern sports investments, and emerging markets—and why this matters for the future of global sports ownership.
HOW WE BUILT THIS POST:
Randy identified stadium authorities as the vehicle enabling extraction (public entities that issue debt while owners control revenue). Claude researched authority structures in Las Vegas, Arlington, and Nashville, including board composition, bond issuances, lease terms, and development connections. All bond amounts and public contributions are from stadium authority documents, municipal budgets, and bond offering statements. Lease terms are from publicly-disclosed agreements or credible reporting where full terms aren’t public.
SOURCES:
Clark County Stadium Authority (Las Vegas) bond documents, City of Arlington stadium financing records, Metro Nashville Sports Authority bond issuances and lease agreements, stadium authority board appointments (public records), East Bank development plans (Nashville Metro Planning documents). Revenue estimates (suites, naming rights, parking) based on industry standards and comparable stadiums.
WHAT WE’RE DOCUMENTING:
This is Post 6 of 7. We’re showing how stadium authorities—supposedly independent public entities—are captured by ownership interests and used to issue public debt, shield owners from risk, and enable development extraction. These aren’t safeguards for taxpayers. They’re vehicles for privatizing profit while socializing risk. Final post: how this model spreads globally.
TRANSPARENCY COMMITMENT:
All bond amounts, public contributions, and lease structures are from official sources. Board composition is from public appointment records. Where lease terms aren’t fully public (Arlington), we note this and use available information plus industry standards. The “public risk, private profit” characterization is our analysis, but it’s grounded in documented deal structures.
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