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Major sporting events are not economic generators – Sports Talk Florida

Claims of hundreds of millions of dollars in economic benefits have yet to be proven.

It’s the end of the college basketball season with the men’s tournament in New Orleans and the women’s tournament in Minneapolis. And according to some economists like Ball State economics professor Michael Hicks, it will be a financial boon for these cities once people leave and city accountants crunch the numbers. Hicks told Front Office Sports the Men’s Final Four can be worth $100-150 million in New Orleans and Hicks estimated the Women’s Final Four can be worth $75-125 million in Minneapolis. Of course, Hicks and other economists can never actually produce real numbers, nor can politicians who really don’t want to know what economic numbers really are after paying money to the National Collegiate Athletic Association to induce the group to come to their cities and use their large domed football stadiums for an event where the real stars of the show, the players, aren’t paid directly by their colleges and universities. Some players get licensed money by selling their faces and names to marketing partners. At least the athletes get scholarships and aren’t burdened with huge college debt.

Clients for large out-of-town events are likely to stay in town for four days, and their expenses are limited to hotels, restaurants, and perhaps renting a car. However, spending on hotels and cars does not necessarily stay within a community. Some of that money goes back to a head office somewhere else. Hotels and car rental companies don’t give their employees extra money for sporting events, it’s the same job, although some people like waiters and waitresses and parking lot attendants may get extra money. additional tips. Big events are vanity buys by local politicians and do little to pay off stadium or arena debt. The economy makes no sense.

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Louisville head coach Jeff Walz looks on during a practice session for a college basketball game in the semifinals of the Women’s Final Four NCAA Tournament Thursday, March 31, 2022 in Minneapolis. (AP Photo/Charlie Niebergall)