Sports writer Jimmy Smith in a Times Picayune article dated 1/26/14 titled " Benson shoots, scores with NBA investment" failed to tell the real story of Benson's $82 million return on his investment in the Pelicans as proposed by Forbes in less than two years. The real story is that a billionaire franchise owner continues to receive corporate welfare from the state when it is not needed or necessary and that taxpayers are once again screwed. The Pelicans have a brand new practice facility that cost $15 million and the state(taxpayers) paid $10 million of the cost while Benson paid only $5 million acording to a Times Picayune story dated 5/17/13 by Jimmy Smith.
Benson is laughing all the way to the bank with the Pelicans and the Saints corporate welfare gifts. He could have easily paid for the facility. I can just hear Mr. Benson telling his wealthy friends in private something that goes like this. "The state will do anything I want them to do to keep my teams in New Orleans. What a bunch of jerks. I have them right where I want them".
One day New Orleans might have a sports writer or reporter who is willing to challenge the corporate welfare given to millionaire and billionaire owners who claim they need financial relief and elected officials who so easily are willing to give away taxpayer money to those not in need.
I have no respect for any owner that does not pay back to the state the money given to them. This writer does not intend to spend one penny on the Saints or Pelicans. Smith says Benson paid $338 million for the Pelicans and that Forbes reports the franchise is now worth $420 million and as a result an $82 million increase in equity in less than two years. Forbes has also estimated the Saints franchise is worth $1 billion. Benson paid $79 million for it. That is over a $900 million increase in equity and Benson still has his hands out.
In 2012 when bountygate was reported, sports writers were not willing to report the real story of bountygate so this writer wrote a commentary here in "politidose" that did tell the real story. It was published 9/14/12 and titled, "The New Orleans Saints Bounty Gate and The B.P. Oil Spill." If one wonders how B.P. got in there check the commentary out.
Maybe Lee Zurik can do a special about corporate welfare for sports franchise owners.
This commentary written by John Lucia.
