The biggest loss is the player (and high ranking executive) salaries in the state. That alone is probably over $10mil a year and if I recall this is specifically a way the state agreed to pay for part of the Bucks stadium. Then you have other obvious tax revenue that would go poof without the team in the city (ticket sales, food sales, and merchandise). Now, yes, people will spend their money other ways, but a lot likely leaves the state or at least the Milwaukee area. Of course I am not sure how property taxes usually work for these stadium and the surrounding parking lots....if they pay any kind of property tax on $500mil+ buildings that certainly is another consideration. I am guessing the state and local government could comfortably throw $20mil+ yearly (depending on the area) and come out at least even in the grand scheme. I mean you basically get the prestige of having a pro team and putting your city on the map. The teams make it sounds lucrative and residents act like it is highway robbery. To me, it seems like a wash financially. People get mad the teams get all the money, but when you provide $10mil in tax revenue from people that would 100% not be in the state without you...you have value. The Packers would be an interesting one if they ever got into such a problem. It is quite literally the only reason anyone knows where Green Bay is and it certainly attracts a ton of tourism.