Sports

bluedigger

(17,086 posts) Sat Mar 17, 2012, 10:07 AM Mar 2012

County sells hospital to help pay foolish stadium debt

The financial situation in Hamilton County, Ohio, is so dire that it is selling a hospital. For that, it can point to its decision to publicly finance stadiums for the Cincinnati Bengals and Cincinnati Reds -- a deal so lopsided it's been called "one of the worst professional sports deals ever struck by a local government." The sale of a physical rehabilitation hospital for $15 million (which was valued at $30 million in 2006) will cover only one year of stadium debt and related costs, and the county still has to use its rainy day fund to cover a $1.4 million budget shortfall.

http://now.msn.com/money/0316-county-sells-hospital.aspx

Ordinarily I would approve of their priorities, but in the case of the Bengals and Reds, I have to give this story a push.

3 replies

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County sells hospital to help pay foolish stadium debt (Original Post) bluedigger Mar 2012 OP

In-depth story at the Huffington Post: Auggie Mar 2012 #1

That is a much better story. bluedigger Mar 2012 #2

I am so happy that they did this KamaAina Mar 2012 #3

Auggie

(31,169 posts)

1. In-depth story at the Huffington Post:

Reply to bluedigger (Original post)

Sat Mar 17, 2012, 10:32 AM

Mar 2012

http://www.huffingtonpost.com/2012/03/16/ohio-county-stadium-debts-cincinnati-bengals-reds_n_1347733.html

If there's any consolation, it's that the hospital will be bought by a non-profit. And, according to the link above, "UC Health plans to operate a five-year $1.2 million program to prevent early childhood deaths and tackle other public health challenges."

Otherwise, what a nightmare for the county. You know the adage ... "If it sounds too good to be true, it probably is."

bluedigger

(17,086 posts)

2. That is a much better story.

Reply to Auggie (Reply #1)

Sat Mar 17, 2012, 11:00 AM

Mar 2012

Thanks!

I guess selling it to a non-profit is better than turning it into a prison or something.

KamaAina

(78,249 posts)

3. I am so happy that they did this

Reply to bluedigger (Original post)

Sun Mar 18, 2012, 01:50 PM

Mar 2012

otherwise, Oakland and Alameda County would be the laughingstock of the sports world for the sweetheart deal they gave the Raiders, who are preparing to tag along with the Niners to Santa Clara anyway.

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