As Stadiums Vanish, Their Debt Lives On

not a news flash

"As Stadiums Vanish, Their Debt Lives On"
By KEN BELSON
The New York Times, September 7, 2010

It’s the gift that keeps on taking. The old Giants Stadium, demolished to make way for New Meadowlands Stadium, still carries about $110 million in debt, or nearly $13 for every New Jersey resident, even though it is now a parking lot.

The financial hole was dug over decades by politicians who passed along the cost of building and fixing the stadium, and it is getting deeper. With the razing of the old stadium and the Giantsand the Jets moving into their splashy new home next door, a big source of revenue to pay down the debt has shriveled.

http://www.nytimes.com/2010/09/08/sports/08stadium.html?hp