There have been myriad studies which have debunked the notion that subsidizing sports teams is beneficial economically. As one example:
http://news.illinois.edu/news/04/1117stadiums.html Here is an excerpt from its conclusion:
“As sport- and stadium-related activities increase, other spending declines because people substitute spending on sports for other spending,” Humphreys said. “If the stadium simply displaces dollar-for-dollar spending that would have occurred otherwise, there are no net benefits generated.”
http://news.illinois.edu/news/04/1117stadiums.html Here is an excerpt from its conclusion:
“As sport- and stadium-related activities increase, other spending declines because people substitute spending on sports for other spending,” Humphreys said. “If the stadium simply displaces dollar-for-dollar spending that would have occurred otherwise, there are no net benefits generated.”