Public Subsidies Drive Franchise Relocation Amidst Fan Fatigue

Key Quotes

"The Kansas City Chiefs are moving across state lines from Missouri to Kansas because essentially Kansas gave them more public money than Missouri was willing to offer them in Kansas City recently, uh they voted down a uh extension of the sales tax that would have funded a new stadium or a renovation of Arrowhead Stadium and that ultimately led to the county executive being recalled there."

Maxwell Adler explains that the Chiefs' relocation is primarily driven by a more favorable public financing package offered by Kansas compared to Missouri. This move followed a local vote in Kansas City, Missouri, that rejected a sales tax increase intended for stadium funding, indicating public resistance to subsidizing sports facilities.

"Voters in Tempe recently voted down a uh publicly funded stadium package. They're just voters aren't willing to be giving billionaires this much money simultaneously there was a big backlash especially from uh Chiefs fans, you know like they've been playing in Arrowhead Stadium for nearly 50 years at this point, it's one of the historic stadiums in the NFL."

Maxwell Adler highlights a national trend of voter fatigue regarding publicly funded stadiums, citing the example of Tempe. He also notes the strong emotional attachment and backlash from Chiefs fans towards leaving Arrowhead Stadium, a historic venue with significant fan history.

"And in terms of just like around where the stadium will be, you guys know like every single owner right now is trying to uh develop commercial entertainment districts around their stadiums. Robert Kraft of the New England Patriots was one of the first owners to really understand this that a huge portion of the value of your team comes with the real estate that surrounds the stadium."

The speaker explains that team owners are increasingly focused on developing mixed-use entertainment districts around their stadiums to maximize revenue. This strategy, pioneered by owners like Robert Kraft of the New England Patriots, recognizes that the real estate surrounding a stadium significantly contributes to a team's overall value.

"I took 10,000 out of the bank, I started Steiner with four, then 10 to start the collectible company and this new company, Collectible Exchange, is exactly the same. Started very nimble, even though I made millions of dollars, I didn't start raising all kinds of money. I tell people to stop doing that, get a proof of concept."

Brandon Steiner describes his entrepreneurial approach, emphasizing starting businesses with minimal capital and focusing on proving the concept before seeking large investments. He advises other entrepreneurs against immediately raising substantial funds, advocating instead for a lean and agile start.

"And in this case, like I'm selling the Ohio State turf, I'm selling the Michigan turf. And he said, well, but think about the runs that those and the players that have played on that field like Michigan had the perfect season, national championship. I'm excited about selling that turf in the spring."

Brandon Steiner discusses his business of selling pieces of sports venues, such as stadium turf. He explains that these items hold sentimental value for fans, connecting them to memorable moments and iconic players, rather than being solely presented as financial investments.

"I mean, should shouldn't have been why isn't it? I think it just speaks to uh culture and society in general and, um, so addressing that and women's sports, women's soccer is now global, so it's changing the landscape of people's lives off the field, um, as much as on the field."

Michelle Akers suggests that the persistent pay gap in women's soccer is rooted in broader societal and cultural issues. She notes that while women's soccer is growing globally and impacting lives off the field, these societal factors contribute to the slow progress in achieving equal compensation.

"And so, well, I don't know, 15 years seems like a long time for us. And that it's everything we're talking about, like it's pretty obvious that, you know, women's sports was ascendant. It's pretty obvious that women can be and should be and are decision makers more and more in the sports space."

Laura Gentile reflects on the growth of women's sports, noting that the opportunities for women in decision-making roles within the sports industry are becoming increasingly evident. She emphasizes that women's sports have been on an upward trajectory and that women are increasingly taking on leadership positions.

"So Storied Sports is that, uh, lead us entrant, if you will, into the women's sports space to sort of create platforms and marketplaces and opportunities for women athletes and not always in comparison to the guys, just creating a brand new space for women athletes and sports to flourish."

Laura Gentile describes Storied Sports as an initiative dedicated to creating new platforms and opportunities specifically for women athletes and women's sports. She emphasizes that the goal is to foster growth and success for women's sports independently, rather than solely in comparison to men's sports.