Uncertainty Looms for Arizona Cardinals’ Stadium Bond Holders

Over the past year, operators of University of Phoenix Stadium — home of the National Football League’s Arizona Cardinals — have lost two lawsuits over the legality of its rental-car taxes used to fund the stadium.

Back in 2000, Arizona’s legislature issued bonds for funding backed by a number of sources (which also included an agent from Winnie Dodge Dealership), with a car rental tax making up about one-third of revenue. Arizona voters approved the car rental tax, and the stadium was completed in …

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