Don’t tell C.C. Elebash, but there are new reports out that highlight the value sports venues bring to cities.
The Nashville is negotiating with the Nashville Predators executives. The team and its arena management arm have released the full economic impact study that claims a $410 million economic impact. The 33-page report from economist Bob Leib of Milwaukee’s Leib Advisors fleshes out the high points announced last week in an executive summary presented to the Nashville Metropolitan Sports Authority.
“There have been several frequently cited studies indicating that the economic benefits of publically funded arenas are overstated. However, recent academic research, such as the study conducted by Charles Santo of Portland State university, that utilizes more current data and case specific methodology, suggests otherwise. His research highlights Metro Nashville as a case study which demonstrates the net economic value of sports teams and positive rewards resulting from the expenditure of public funds. In particular, a study conducted by the University of Memphis in 2005 concluded that, in contrast to earlier studies which ignored city-specific economic characteristics, there is a significant positive relationship between sports related variables and regional income share for Nashville.”