Should the Vikings get a bailout?
posted at 10:15 am on January 2, 2009 by Ed Morrissey
Share on Facebook | printer-friendly
You know what a state government facing a potential multi-billion budget deficit should do? Spend $635 million on a football stadium. That’s according to a New Jersey businessman … who just coincidentally happens to own the Minnesota Vikings (via Mitch):
With the state and federal governments looking for ways to jump-start the economy, a New Jersey businessman has an ambitious public works project he says will create more than 5,500 jobs and provide $500 million or more to local contractors.
The businessman is Zygi Wilf, principal owner of the Minnesota Vikings.
The project: A $954 million, state-of-the-art stadium for his football team in downtown Minneapolis — to be constructed using more than $635 million in public money.
“Why not? The Vikings are a public asset,” said Lester Bagley, the Vikings’ vice president in charge of stadium development. “This is going to create an economic boost.”
The Vikings are a public asset? Er, only in the sense that the team finally stopped making public fools out of its fans. Wilf owns the team outright, and the public has no financial interest in the Vikings. That won’t change with a publicly-subsidized stadium, either; the team would keep the profits while the rest of us fund it with higher taxes and expensive maintenance.
Zygi’s proposal brought joy to the halls of government in St. Paul, or at least mirth:
In fact, two legislative leaders laughed out loud when asked whether the House and Senate would seriously consider the Vikings’ bid this session.
They should be laughing at the entire idea of government stimulus spending for economic boosts. Taking capital out of the market lowers the amount of money that could go into creating economic expansion and gives it to the least economically efficient spender, the government. That’s necessary for critical tasks like law enforcement and legitimate infrastructure maintenance. It’s ludicrous to use that kind of capital in support of a private organization at any time, let alone when the state faces a potential fiscal crisis.
In order to reverse this crisis, we have to get government out of private enterprise rather than further into it. Wilf’s self-serving tonic for the Twin Cities merely provides a balder example of avarice than that given by the myriad of private companies queuing up to the federal trough these days.
You must be logged in to post a comment.
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
Comment pages:
Ed, you guys are in danger of being blacked out of your own playoff game. You can sell out a game against the Lions but not a playoff game. What’s up with that?
BadgerHawk on January 2, 2009 at 10:19 AM
But can he make The Vikings win a Superbowl?
That organiztion was a failure long before the government got involved. (Sorry to harp on you Ed.)
BKennedy on January 2, 2009 at 10:19 AM
Don’t worry Minnesota folks, your new choice for Senate will bail you out!
conservnut on January 2, 2009 at 10:24 AM
What has happened to the state of Minnesota? Have the leaders all been doing dugs during the long, cold winters?
kingsjester on January 2, 2009 at 10:26 AM
Nuke the state of Minnesota. Nuke it back into the Stone Age.
Percy_Peabody on January 2, 2009 at 10:28 AM
The biggest issue is that many season ticket holders didn’t pony up for the playoff tickets this year. The wife actually looked at getting us tickets for a late X-Mas present, but they started at about $100 for nosebleeds and went up to $320 for decent seats.
So, do you want to spend $320 for two decent seats to a Vikings playoff game and spend another $40-$60 on parking and food, plus deal with annoying drunks?
Or, I can spend $20 on a pizza and a six pack and sit in my comfy couch and watch it on my HDTV or, if it comes to that, listen to the game on the radio. Not a tough call really.
strictnein on January 2, 2009 at 10:29 AM
dug=drugs
oops
kingsjester on January 2, 2009 at 10:29 AM
Nose candy causes one to make those sorts of errors.
LOL.
Cheers.
______________
RJGatorEsq. on January 2, 2009 at 10:31 AM
How does taking 635m from taxpayers and spending it on a stadium provide a bigger boost than letting taxpayers keep the 635m and spend it as they please?
The only reason this fallacious, pseudo-economics is proposed is because a stadium is actually visible, people can see it as they drive to work — but the hundreds of suits, windows, apples, bricks etc. that would have been bought with the 635m go unnoticed.
lodge on January 2, 2009 at 10:32 AM
Liberal priorities, words escape me.
tarpon on January 2, 2009 at 10:33 AM
Hey, Wilf realizes it worked here in NJ, where the taxpayers are footing a significant portion of the tab for the news Meadowlands stadium.
JammieWearingFool on January 2, 2009 at 10:34 AM
Were you born stupid or did you have to work at it?
JammieWearingFool on January 2, 2009 at 10:34 AM
Really, now … so the public gets a direct share of the profits the Vikings make? Who knew? All we know is that the owners want the public to share in the costs.
Just like on Wall St., another example of privatized profits and socialized costs.
thirteen28 on January 2, 2009 at 10:36 AM
In Chicago, we have a brainless coach and an overpaid, underacheiving team. But when we make the playoffs, the choice is similar, but worse:
$320 for two seats, sure. But the Socialist Democrat mayor, Richie Daley, uses parking as a hammer to pound the people. There is no way to park anywhere near Soldier Field, and where you can, it’s $50+ just for the game. His park district owns the stadium, and if you are fool enough to try and eat or drink there, add $100.
Jaibones on January 2, 2009 at 10:38 AM
I’ll only support this if Fran Tarkenton promises to come out of retirement.
Jim62sch on January 2, 2009 at 10:38 AM
RJGatorEsq. on January 2, 2009 at 10:31 AM
Yeah, but Generic Sinus Advil?
Considering the problems the Vikings have had with players the last several years, like the boat party incident, drugs may fit right into this thread.
kingsjester on January 2, 2009 at 10:39 AM
All Zygi has to do is obliquely allude to the “Orlando Vikings”. He’ll get all the money he needs. It’s a hostage negotiation…
Rhinoboy on January 2, 2009 at 10:42 AM
Seeing as how the state of Minnesota can’t print their own money, (yet), let the Feds send 900 million to the Vikes owner along with a contract that pays the government 10% of their revenue until the loan is paid back. Every bailout should come with a eventual net profit back to the treasury along with an “end of partnership” agreement.
Rovin on January 2, 2009 at 10:46 AM
I live in Minnesota. I think Zygi must be feeling his oats because the Vikings actually made the playoffs by being part of the NFC North. The problem is they are a terrible team in a terrible division with a terrible coach with a terrible quarterback! They only thing they have going for them is the best running back in the NFL! If Zygi wants a stadium, build it yourself or move the damn team! We are tired of the Vikings act up here! Good riddance!
sabbott on January 2, 2009 at 10:48 AM
Seems to me Jets fans had a similar wish. Didn’t work too well.
Rovin on January 2, 2009 at 10:50 AM
And no I’m not going to spend money to travel downtown to park and the freeze my butt off to take a damn train (mass transit) to the Metrodome and watch the game in a lousy stadium full of drunks with music blaring so loud that my ears will ring for 3 days after. All to watch the Queens get destroyed by the Eagles as they dial up the pass rush and sack TJack 8 or 9 times! If they reduced Tony Romo to a quivering mass in the post game shower…what to do you think they are going to do to us?
sabbott on January 2, 2009 at 10:50 AM
Just beat the Eagles on Sunday and then….maybe…we will talk.
awake on January 2, 2009 at 10:51 AM
This is just an obvious attempt to get the NFL to put a professional team in Minnesota.
On the positive side – how many sissy yellow pigtails and farht horns can $635 million buy?
Plus the viQueens could save some money by not having to build that championship trophy room… (/choke)
Did you know Tavaris sang ‘Heaven must be missin’ an angel’?
And finally, is it better to have the Humpty-dome half empty at the start of the first quarter, or all the way empty at the start of the 4th when the Iggles are whipping you?
HammerNH on January 2, 2009 at 10:54 AM
No, they shouldn’t have to pay but the fans also shouldn’t cry when the Vikings leave town.
And as far as stadium spending being a bad idea, I disagree.
It’s one of the few uses of my tax dollars I’m actually able to use and enjoy.
And it’s hardly the most irresponsible spending that’s done, witness spending on “social programs”, most of which simply worsens whatever problem they purport to solve.
With stadium spending, I get a venue where I can watch football.
With social spending, I have vile bums hanging around the city, getting just enough from my tax dollars to keep them in vile bum status, instead of either starving to death or getting sober/a job.
NoDonkey on January 2, 2009 at 10:54 AM
Come on Jim,
‘That’s Incredible’ sucked.
sarc/
thomasaur on January 2, 2009 at 10:54 AM
“awake on January 2, 2009 at 10:51 AM”
missing
the
point!
the team needs to not be connected to public financing, whether they go to the SB every year or draft within the first 5 picks evey year!
:-(
Buckaroo on January 2, 2009 at 10:56 AM
No, the Viking should NOT get a damn bailout. Teams come and go… it may be sad, but why is it the Americans who pay the Taxs for GOVERNMENT paying for Private (and obviously crappy accounting and other reasons) Enterprises?
Nor should the State Governments.
WTF is everyone getting a handout if they can’t manage the money from the revue they get from Taxes on everything to begin with? Where is ALL this money going?
upinak on January 2, 2009 at 11:03 AM
Sigh…there are a great many rubes out there who actually still think that the outcome of a football game matters to their daily lives and are willing to shell out mega bucks for it! Really sad! And Zygi and his ilk get richer and richer and richer while these rubes keep forking over their hard earned cash… LMAO!!!
sabbott on January 2, 2009 at 11:10 AM
“there are a great many rubes out there who actually still think that the outcome of a football game matters to their daily lives”
Um, you have no idea what it is you’re talking about.
Sports are a diversion from daily life, entertainment and a way to enjoy something with and bond with other members of a community.
If my team wins the Super Bowl, I’m glad for them and it’s fun. I don’t operate under some sort of delusion that if they win, somehow all of my problems will be solved and I’ll be immortal.
Enjoying sports is a lot healthier in my opinion, then wasting time on anything Hollywood produces or that’s on nutwork TV.
NoDonkey on January 2, 2009 at 11:16 AM
No, they shouldn’t get a dime of tax payers money. So it will employ 5,500 people. Look at how much money players get. That is sickening. Then they expect to use our money. That would be the same for any state and team. The owner should use his own money. I use to go to pro. games. It is so expensive that I just don’t go anymore. Have the players dip into their own money and fork it over. This is getting to be absurd. No Vikings, or any other foot ball team. They have enough money they can pay for it themselves. It will get to where they will tick their fans off and no one will go to a game. Of course there are stupid people that would still kiss ass and go.
sheebe on January 2, 2009 at 11:17 AM
Oh come on! We’re talking about shelling out 600million in taxpayer dollars! And what will you get for that once the stadium is built?
You will get a notice that you now have the right to purchase the right to your season tickets for around $12,000 to $24,000 per year and then your seats will cost around $1,000 each per game. Why? Well…we have a new stadium to pay for! Yea, but we paid for it with taxpayer money! Doesn’t matter…Zygi sets the price and you rubes pay! Don’t believe it? Ask the people in Dallas and NY!
Rubes!
sabbott on January 2, 2009 at 11:20 AM
How about letting the fans pay for the stadium. The taxpayers don’t need to paying for this kind of thing.
SC.Charlie on January 2, 2009 at 11:20 AM
“How about letting the fans pay for the stadium. The taxpayers don’t need to paying for this kind of thing.”
Great, I’ll pay taxes for the stadium if I can stop paying taxes for the crappy public schools around here.
I’ll be making out in the deal.
NoDonkey on January 2, 2009 at 11:22 AM
“In order to reverse this crisis, we have to get government out of private enterprise rather than further into it.”
The government does far too many things as it is and should focus on doing what only government can do (national defense, law enforcement) and do it well.
Instead, government tries to do everything and ends up doing most of it very poorly and at a high price.
Taxpayer funded stadiums are hardly the worst of it, but they are part of the same mindset – that government should be involved in everything.
Republicans should be for government, but for EFFECTIVE government that remains effective and efficient, by limiting itself to what’s important and vital.
Sports stadiums should be privately owned of course, but so should public schools.
People who think the public school monopoly is a great idea, are exactly the people to blame for the funding of sports stadiums.
NoDonkey on January 2, 2009 at 11:36 AM
“The Vikings are a public asset? Er, only in the sense that the team finally stopped making public fools out of its fans.”
Lol. Nice.
Spirit of 1776 on January 2, 2009 at 11:36 AM
I guess that I have angered the football gods.
SC.Charlie on January 2, 2009 at 11:38 AM
My understanding is that the public school system in Minnesota function fairly well. I can’t say the same for South Carolina, Washington, DC and other areas.
SC.Charlie on January 2, 2009 at 11:39 AM
Don’t build a stadium for the Vikes and San Antonio / Austin / South Texas will come a knocking.
Say hello to the San Antonio Vikings!!
James on January 2, 2009 at 11:43 AM
I vote we bail out our passing game. We’ll need it against Philly.
Grafted on January 2, 2009 at 11:43 AM
An interesting poll was taken re: public schools.
95% of the respondents in the poll said US public schools are broken.
Yet 95% also said THEIR local public schools were good (function fairly well?).
Now ask yourself – WHO tells you if your schools are good or not?
If you guessed the union members who self-describe as ‘teachers’ you win.
However if you send your child to ANY public school in America, only the union members win.
THERE ARE NO GOOD PUBLIC SCHOOLS. AT ALL.
Just ask your politicians (including the Obamarxist).
Their kids go to private schools. Private schools are goal oriented.
Union schools are deliberately dumbing down our once great nation.
HammerNH on January 2, 2009 at 11:48 AM
Sports teams are no different than every other asset class. Like housing, like stocks, like oil, sports teams were in a massive speculative bubble. The bubble has burst.
You will see several professional hockey, baseball, football, and basketball franchises fold over the next 5 years. Aside from the biggies like Yankees, Red Sox, Bears, Blackhwaks, Lakers etc I don’t think any pro team is safe from going bye bye, either by relocating or just plain going out of business.
angryed on January 2, 2009 at 11:49 AM
Of course dumbed down is where viQueen fans originate…
HammerNH on January 2, 2009 at 11:49 AM
Apparently my attempt at humor was completely lost on you.
Go Giants.
awake on January 2, 2009 at 11:49 AM
“I guess that I have angered the football gods.”
I’m not for funding stadiums any more than you are, but I find it ridiculous at the outrage on the issue.
“Taxpayers” are convinced that government should be involved in everything and anything, but then they shudder at public financing for stadiums?
Minnesota taxpayers elect Democrats in droves and they shovel money at countless corrupt and worthless projects and programs.
Which no one seems to drag their head out of the sand to care about.
But a sports stadium? Heavens forbid.
Seems to me, the horse of responsible government spending left the barn decades ago. Why not build stadiums, at least some of us enjoy them?
You know, the people who aren’t Democrat insiders getting kickbacks and bribes, or the loser Democrat base, who get money for not working.
End that and I’ll be outraged about stadium funding. Until that happens, why should I care?
NoDonkey on January 2, 2009 at 11:50 AM
This has been going on for years in Minnesota. The state built the Metrodome back in 1982 and people have been complaining about the building ever since. It’s not a terrible place to watch football, but there isn’t enough skybox revenue available because the local politicos keep a lot of money that Zygi Wilf would like to put in his own pocket. Vikings ownership (first Red McCombs, now the Wilfs) has watched as their competitors have either built beautiful new facilities (like Ford Field in Detroit, which has really done a lot for the Lions, by the way) or renovated their stadiums (like Lambeau Field and Soldier Field), in all cases with public money involved. Zygi Wilf had a chance to build a Taj Mahal in unfashionable Anoka County (home of the Jesse Ventura voters) a few years back, but backed out, in part because it would have meant a longer drive for the fans who pay the freight, who live south and west of the Cities.
The other posters are right – if the taxpayers of Minnesota refuse to pay for a new stadium, someone else will and the team will move, maybe to South Texas, maybe Southern California, maybe someplace else. People will have to decide if it’s worth keeping the Purple Helmeted Love Warriors around.
Mr. D on January 2, 2009 at 11:51 AM
Is that Love Boat warriors or Purple whizzinators?
HammerNH on January 2, 2009 at 11:53 AM
“Now ask yourself – WHO tells you if your schools are good or not?
If you guessed the union members who self-describe as ‘teachers’ you win.”
Most of whom also send their children to private schools.
Public schools are great for YOUR kids.
But not for the darling offspring of Barack Obama/Democrat politicians or teacher’s union officials.
Because they’re more equal that your little urchins.
NoDonkey on January 2, 2009 at 11:53 AM
“awake on January 2, 2009 at 11:49 AM”
ug — in that case GO VIKES GO!
:-)
Buckaroo on January 2, 2009 at 12:07 PM
“HammerNH on January 2, 2009 at 11:48 AM”
those surevy results are similar to congesssional approval surveys — which is why, until more folks wake up, we’re stuck with the same ol’ same ol’ in both institutions …
/annnd, given the results of last november, more people aren’t waking up …
:-(
Buckaroo on January 2, 2009 at 12:09 PM
If the Vikings (and all other NFL teams) believe they are a PUblic Asset, why not just declare Eminent Domain and socialize the teams? That way, a very small number of egocentric individuals with more money than brains can no longer dictate to the general public.
Rather, the State will dictate to the fans instead.
SeniorD on January 2, 2009 at 12:18 PM
aw, da poor widdle Vikings may go away…. well, it’s part the fans fault. God forbid a private company builds the darn stadium, then puts its name on it. So say goodbye and good riddance to da widdle Viqueens. Oh I am an Eagles fan( my home town of course). But I won’t pay 160 bucks for the dumb ticket…. blackout or not.
MNDavenotPC on January 2, 2009 at 12:28 PM
If it’s such a good investment, why can’t he get venture capitalists to buy into it. Zygi, being the brilliant businessman, must realize that there’s this thing called ROI(return on investment), which most business people use as a barometer to assess the risk versus the reward on their capital.
The fact this astute NFL owner can’t get private funding for his project should indicate he’s made a bad investment, and would like to share his economic pain with the public.
mossberg500 on January 2, 2009 at 12:37 PM
“Orlando Vikings”?
I’d pay to see that, just knowing that it made Minnesota even more pathetic. Sorry, but Ed is the only worthwhile thing in the entire state.
Right_of_Attila on January 2, 2009 at 12:51 PM
GO! Vikes GO! and take the Twins with you.
That was my battlecry when I lived there.
Corsair on January 2, 2009 at 12:57 PM
Right of Attila
you and percy peabody are really ticking me off…. besides Ed there are many of us who fought till our fingers bled to get conservatives voted in. Now I find I’m to be nuked off the face of the earth according to Peabody ( I mean Percy Dovetonsils). Enough is enough.
MNDavenotPC on January 2, 2009 at 1:07 PM
Mine is “No Taxation and/or Representation”.
Since my Congressmen are all absolutely worthless, corrupt and incompetent Democrats and my President-elect is a unqualified, inexperienced and likely corrupt neophyte, I would prefer to remain unrepresented.
Can I do that?
NoDonkey on January 2, 2009 at 1:08 PM
They might as well, they did it for the Twins. Idiots.
theboss on January 2, 2009 at 1:24 PM
So are all those opposed to public financing for stadiums also opposed to local and state governments offering private companies incentives to locate their plants there?
After all, BMW, Toyota and Honda chose states in the south where they could locate new automobile manufacturing plants and the localities bid among themselves in order to get these plants to move to their town.
A car plant or a football team is a valuable commodity. As a shareholder, excuse me, but I would be all for any company I invest in to get a favorable deal from the local government.
A football team is a valuable commodity. To expect the owners to build a stadium for free, while other states would gladly build a stadium for them, is ridiculous.
If the city doesn’t want the Vikings, fine, let them leave.
But spare me the sanctimonious “they should pay for the stadium themselves”.
What are we, communists here?
NoDonkey on January 2, 2009 at 1:35 PM
These new stadiums are always about the luxury skyboxes, never the schmuck in the stands.
I think the new stadium plan disguised as a public make work project makes perfect sense. Make the average man build a coliseum for the ubber rich.
More special is this is Minnesota where the court jester turned Senator can observe the progress of the tribute from Washington.
God help us.
FireBlogger on January 2, 2009 at 1:45 PM
“Make the average man build a coliseum for the ubber rich.”
Thanks for dropping in from the daily worker.
Average man? Union labor, dude. Well-paid, too.
And I go to occasional NFL games.
The stands are full of drunk union guys, rest assured.
Who wants to sit in a luxury box anyway? I’ve done so and I much prefer the stands.
Build a stadium for the “uber rich”? Who do you think skyscrapers are built for?
NoDonkey on January 2, 2009 at 1:51 PM
As a PACKER fan living in the Twin Cities, I have to laugh at this joke of a franchise here. They’ve snubbed the fans here ever since they decided to build the Metro Hump. They even have players on the evening news saying they can’t understand why people don’t lay down their money to see them in their purple clown suits.
They do keep Minnesnowta law enforcement in business though.
Sports teams here are, in most part, a joke. They tore down aa beautiful stadim (brick yard) only years later to look to tax payers for another.
The sooner the Queens get out of here, the better.
oakpack on January 2, 2009 at 2:10 PM
Oakpack,
You have it rough my friend.
If vikes fans understood football, they’d be Packer fans.
Be careful of girly men in yellow pigtail wigs!
Go Pack Go!
HammerNH on January 2, 2009 at 2:57 PM
Don’t worry Hammer. This is a NO HEIDI ZONE.
oakpack on January 2, 2009 at 3:04 PM
We are treading in the foots steps of Rome.
What we need are a 100 days of games.
TheSitRep on January 2, 2009 at 3:48 PM
How about a 100 days of pasta?
NoDonkey on January 2, 2009 at 3:55 PM
Oh, and the really fun part is that after Zygi gets all you rubes to pony up your hard earned money for a brand new stadium and for really really expensive tickets…his team is now worth 1.5 to 2 BILLION DOLLARS rather than the $600 million he spent! That’s Zygi’s money! Not yours or the taxpayers…but Zygi’s! So go ahead and keep shelling out your paltry little checks. They all add up to make Zygi and Zygi alone a very wealthy man in the end!
sabbott on January 2, 2009 at 4:15 PM
Ha, Ha, Ha, Ha, Ha, Ha, Ha……….
Johan Klaus on January 2, 2009 at 5:07 PM
Like Jesse Ventura said to Red McCombs: “Go to he!! You want to move ‘em because we won’t foot the bill for a new stadium, then move ‘em”. – circa 2002
LA Vikings, any takers?
jbh45 on January 2, 2009 at 8:05 PM
There is absolutely no way as a resident of the State of Minnesota would I approve a stadium for the Vikings.
Dr. Bob on January 2, 2009 at 9:44 PM
Being from MN — Sent my daughter to private school for elementary, and virtual school for HS. MN public schools have evolved over the years for the worse.
I have heard good things about the schools in Greenville, SC area.
Dasher on January 3, 2009 at 1:32 PM
Comment pages: