(As prepared for delivery)
The limits of the affordability crisis in America know no bounds, and this hearing comes at a great time as we have the honor of hosting the FIFA World Cup. Families are paying more for groceries, housing, and health care, all while staring down the most expensive summer for traveling in recent memory.
On top of all that, they are also being priced out of our most favored pastime: sports.
As we prepare to celebrate our nation’s 250th birthday on Saturday, too many Americans will find that our great national pastime—baseball—has become a luxury experience for the few. Who can afford the rising, dynamic ticket prices? The $20 beer? The $15 hot dog? Or the billion-dollar stadiums that taxpayers are expected to finance?
A recent YouGov Sport survey showed 67 percent of fans say attending a live sporting event is somewhat or very unaffordable, with 86 percent agree it has become a luxury good rather than an everyday experience.
Somewhere along the way, our professional sports—and in some cases collegiate sports—stopped being about filling the stands with fans and making memories with loved ones. Instead, teams have become financial assets. Bought and sold by billionaires, leveraged by investment firms, and squeezed for tax preferences—all while maximizing returns.
It must be remembered that none of this exists without fans. They fill the seats. They buy the jerseys. Now, they are even forced to buy the special subscription to the channel to keep up with the game at home. It is their commitment and loyalty that makes these brands worth billions. Yet, they are being asked to fork over more and more of their paycheck while owners demand new taxpayer-funded stadiums every decade. Even willing to rip the team from its fan base, when more favorable subsidies are offered over state lines.
While I support public-private partnerships that genuinely strengthen our communities, we cannot enter an endless cycle of bending the knee to the whims of the billionaire class.
You also can’t talk about sports in America right now without acknowledging the explosive growth of sports betting. It must be examined whether the incentives to participate are serving fans or merely exploiting their interests.
Today’s hearing is a chance to examine whether our tax code is keeping pace with the changing business of sports. Congress has a responsibility to keep the game with the fans. We must ensure taxpayers aren’t left footing the bill while owners and investment firms deepen their fortunes.
With that, I yield back.
###
