Billionaire Philip Anschutz ’s backing of Los Angeles-issued bonds means public funds won’t be at risk in a $1.35 billion plan to lure professional football with a new stadium, said First Deputy Mayor Austin Beutner.
The mayor of Bridgeview, Illinois, said building a taxpayer-financed arena for the billionaire owner of Major League Soccer’s Chicago Fire would bring hotels and restaurants to his suburb. Instead, the town has more than doubled property taxes and may raise them again to pay more than $200 million in stadium debt.
Billionaire Philip Anschutz ’s plan to build a football stadium and convention-center addition in downtown Los Angeles offers the city a financial guarantee that falls short of what he gave with Staples Center 13 years ago.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.