Todd LePique

After reading through the 33-page term sheet for the Chiefs' new stadium in Kansas, I think it's one of the most lopsided stadium deals in NFL history. Kansas is essentially giving the Chiefs $3 billion (stadium funding + mixed-use development funding + tax incentives), yet getting virtually nothing in return. The Chiefs get to keep 100% of the revenue from all stadium activities, including ticket sales, concessions, sponsorships, naming rights deals, personal seat licenses, and more. That applies to NFL games and all other events (concerts, basketball games, etc.). Kansas will own the stadium, with the Chiefs paying $7 million in rent annually. But that money doesn't go back to the state; it goes into an account the Chiefs can use for renovations, repairs, and operational expenses. That means the Chiefs can use their own rent money to hire stadium security, parking staff, and concession vendors throughout the season. I know Kansas had to offer a great deal to get the Chiefs to leave Arrowhead, but this is worse than I expected. Here's a full breakdown of everything I found in the term sheet: huddleup.substack.com/p/the-…