County sells hospital to help pay foolish stadium debt
The financial situation in Hamilton County, Ohio, is so dire that it is selling a hospital. For that, it can point to its decision to publicly finance stadiums for the Cincinnati Bengals and Cincinnati Reds -- a deal so lopsided it's been called "one of the worst professional sports deals ever struck by a local government." The sale of a physical rehabilitation hospital for $15 million (which was valued at $30 million in 2006) will cover only one year of stadium debt and related costs, and the county still has to use its rainy day fund to cover a $1.4 million budget shortfall.
The financial situation in Hamilton County, Ohio, is so dire that it is selling a hospital. For that, it can point to its decision to publicly finance stadiums for the Cincinnati Bengals and Cincinnati Reds -- a deal so lopsided it's been called "one of the worst professional sports deals ever struck by a local government." The sale of a physical rehabilitation hospital for $15 million (which was valued at $30 million in 2006) will cover only one year of stadium debt and related costs, and the county still has to use its rainy day fund to cover a $1.4 million budget shortfall.
