The Saving Grace of Sports: How a Sports Franchise Can Save a City's Economy Public Deposited
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Can a sports franchise be an economic necessity for a city? For decades there have been studies and projects done about the effect sports franchises can have on their surrounding area; but most of the focus falls on the role that taxpayer funding plays in stadium construction or the economic impact that revenue and job creation from specific franchises plays on the city that hosts them. Very few studies exist that determine exactly how a sports franchise can impact its surrounding area. This is for a myriad of reasons. in larger cities with booming entertainment industries, the sports market is almost impossible to measure, as if fans were not spending money on the teams, they would simply repurpose those funds into an auxiliary entertainment market. Therefore, it shows no economic impact since the money is still being spent elsewhere. However, what about the smaller cities that have a more minor entertainment market? Are their sports teams then more valuable to the local economy? This is a question that is often ignored when studies are done on sports and the economy. In areas that have a less dynamic entertainment and tourism industry, a sports team should be able to play a much larger role in not just the structure of a city's economy, but also the entire makeup of the culture of that area. Therefore, a sports franchise can, in the right environment, create an atmosphere of culture and tourism while defining the city's identity and drastically affecting the local community's economy. The cities Indianapolis and Cleveland will be used to prove this point, as they match the criteria of having a lackluster entertainment industry and a struggling tourism market.