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SEC targets MLB shady business

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Rangers and White Sox
Rangers and White Sox

Don’t know which is worse: the major league sports stadium boondoggle, or the corporate welfare boondoggle? They might be tied.

Jeff Passan reports:

For two decades now, Major League Baseball has funded its rise from corporate slacker to gilded cash cow on the backs of taxpayers bullied into building new stadiums. It’s a marvel the government took so long to sniff out the rot that emanates from these deals, though not much of a surprise that the Miami Marlins were the target when they did.

The Security and Exchange Commission on Thursday launched guided warheads at the Marlins, requesting the team’s financial records, communications with MLB officials including commissioner Bud Selig, minutes of meetings with local government leaders and political campaign-contribution information, according to a report in the Miami Herald.

While the subpoenas issued by the SEC do not explicitly detail the purpose of the investigation, the feds’ motives are evident: They want to understand how, exactly, a group of county commissioners agreed to fund 80 percent of the Marlins new stadium, which cost more than $600 million, without ever seeing the team’s financial records – and whether bribes had anything to do with it.

The Marlins pushed the limits on exactly how much a team can hold its city hostage. They cried poverty and threatened to move unless they got a new stadium while refusing to disclose their financial records – records that were later leaked and showed a team swimming in tens of millions of dollars in profits and funneled millions more to a corporation run by team owner Jeffrey Loria. Miami-Dade County commissioners nevertheless voted 9-4 in favor of taking out loans that will cost the county $2.4 billion over 40 years to help build the stadium in Little Havana, about two miles west of the city.

(click here to continue reading SEC targets Marlins’ shady business – MLB – Yahoo! Sports.)

Hey, the 1% wants to own sports teams? Fine, but either the city that funds the team gets a say in personnel decisions, or the owners have to pay for their own hobby out of their own pockets.

Written by Seth Anderson

December 3rd, 2011 at 9:17 am

Posted in Sports

Tagged with ,

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  1. […] entry in the stadium boondoggle file – an already-overstuffed folder full of corporate welfare for the 1%. They get to own […]

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