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It has already earmarked $150 million for a public-private stadium partnership -- financed in part by a highly creative plan diverting the income taxes of major league players and executives of Portland's new team to retire stadium bonds --
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For the purposes of full disclosure, I'm a sports fan and would love to see the area get an additional professional sports team.
However, my first reaction is that it seems it would be destined to make the team uncompetitive, and ultimately not financially viable.
If there is an additional tax on players salaries, the Portland team would have a harder time attracting top tier free agents. (Why would a player who is looking for a big payday sign with a team that taxes his earnings more than another team?)
If you can't sign top tier talent, the chances of fielding a winning team diminishes, which leads to few fans in the seats, which ultimately leads to the team requiring some sort of public subsidy to keep operating (similar to the role the city of Portland had with the renovation of PGE Park a few years ago).