Las Vegas Raiders impact . . . what was it?
The stories of team relocations hit the news with the impact of a crashing meteor, and they dominate the news cycle for several days or weeks, but after all the excitement has died down, what really is the impact of a professional sports team relocating? How will Las Vegas change as a result of the Oakland Raiders moving to that town? For that matter, how will Oakland change as the result of losing a pro sports franchise Oakland Raiders?
Interestingly, economists who have studied this phenomenon over the past few decades have concluded that there is very little in a monetary gain for a city which is granted a pro sports franchise. Yes, the owners most definitely profit from such a move and yes, some real estate land owners gain from having a stadium nearby, and yes, the local employment figures spike while the stadium is being built, but once things have settled down, and the city of Las Vegas has their stadium and their team, the total economic picture of Las Vegas will not change that much. Similarly, the economic outlook for Oakland after losing the team will not change that much from when they had the team. Sure, the tax base will suffer a bit, but over the long-run, new businesses will appear in Oakland, and the economic landscape will look pretty much the same in a few years.
So what’s the big deal? Is there a Las Vegas Raiders impact?
The big deal is one of perception and community pride. A city is considered a major player on the national stage when it has a professional sports franchise. Las Vegas now has two, hockey and football, and chances are better than average a pro basketball franchise will arrive in the next few years. Oakland, on the other hand, has now dropped in stature in the eyes of the economic movers and shakers. Yes, they still have baseball, but their baseball organization is small-budget and always one step away from leaving town as well, and yes, they still have the Golden State Warriors, a class act all the way, but the loss of a football team, especially one so important in the hallowed halls of sports legend, is a major blow to the public image of Oakland.
Sports apparel will be printed up and sold, real estate investors will make money, players will relocate, and seasons will be played. Such is life in professional sports. The bottom line, when talking about the Las Vegas Raiders impact of moving a franchise, is the fans will ultimately be the best indicator of the impact.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.