The new NBA arena in Memphis, Tennessee will be named after Federal Express. The company is chipping in $90 million for naming rights. The building itself will cost $250 million. So, your first thought may be, "that's nice", Fed Ex is helping to defray the cost the team owners are paying to build the arena. Well, that would be wrong. The PUBLIC is picking up the entire tab, $250m, for building the arena. Well, maybe you thought the $90m from FedEx would go to "payback" or reduce the cost to the public for financing the arena. No, that would be wrong also. The $90m goes to the owners of the team. Yes, the same owners who are paying ZERO to build the arena. The Democratic Mayor of Memphis who "masterminded" this risky scheme should be impeached.
