The new Skankee stadium project is being funded properly in my opinion. DGB is putting up $800M of his own money to pay for it. NYC is putting up the rest ($200M) for parking and the park around the stadium. In 1996 NYC was raking in $7.7M per year just off the Skanks. That figure has to be doubled by now (don't have the latest numbers). Figuring an increase in revenues once the stadium is opened NYC will be in the black by 2019 and from then on around 80% of the revenue will be a net gain (20% for repairs).
On the other hand, the stadium being built near me is going to be a HUGE cost overrun. It's being built in the worst part of the city with nearly ALL funding coming from the taxpayers. I can't believe I'm saying this: I agree with Ralph Nader
The only place gummint should be involved in ANY type of sports is in giving tax breaks to the team. Here's a 2003 breakdown of the stadium deals and how much 'public' money was put into them.