Times are changing for Washington, D.C.’s National Football League (NFL) franchise. Less than two weeks after changing its name from the Washington Football Team to the Washington Commanders, both houses of the Virginia legislature have passed versions of a bill aimed to entice the franchise to move to the state.
The Commanders’ current stadium, FedEx Field in Landover, Maryland, has hosted the franchise since its completion in 1997. Problems with field and stadium conditions have led the stadium to be considered one of the worst in the NFL going back for more than a decade. It is clear that the time has come for FedEx Field to be replaced. It is also clear that Virginia taxpayers should let their elected officials know if they want to bear the cost of constructing a stadium for a professional sports franchise worth an estimated $4.2 billion. The state has never had a major league sports franchise, which is likely one of the reasons why lawmakers are willing to put out the welcome mat with a giant subsidy.
If passed, HB 1353 and SB 727 would establish the Virginia Football Stadium Authority. Under SB 727, the Commonwealth would provide $1 billion in bonds to be repaid over a 30-year period through tax revenues generated from the stadium. HB 1353, however, would require the team to contribute 50 percent of its naming rights revenue until the bond is paid off. Commanders’ owner Dan Snyder would be required to contribute an investment of at least $2…