Ah, professional sports, always such a boon to the local economy…

After Using Over $500 Million In Taxpayer Money To Build Sports Stadiums, Cincinnati Forced To Sell Off Local Hospital

Officials in Hamilton County, Ohio are preparing to sell off a local hospital at half its 2006 value, then raid the county’s rainy day fund, all in order to help pay for Cincinnati’s boondoggle stadium deal.

The stadium deal, struck in 1996, built separate new facilities for the NFL’s Cincinnati Bengals and the MLB’s Cincinnati Reds, but ended up costing local taxpayers far more than initially anticipated. The final bill to the county came in at $540 million, more than double its initial budget. The Wall Street Journal called the project “one of the worst professional sports deals ever struck by a local government—soaking up unprecedented tax dollars and county resources while returning little economic benefit.”

This year, Hamilton County is facing a $1.4 million budget deficit, largely due to debts incurred from the stadium deal. As a result, county officials are taking drastic steps to cover the shortfall, including selling a physical rehabilitation hospital for far less than it’s valued and withdrawing money from their rainy day fund.