how is a tax payer funder arena for a tax payer funded university any worse than a tax payer funded arena for a for-profit professional team?
Stephen Ross, a real estate developer who owns the Miami Dolphins, is the third-wealthiest owner in the NFL with a net worth of $4.8 billion, according to Forbes. The Dolphins are worth $1.06 billion, making them the 25th most valuable sports franchise in the world. Ross, a real estate developer, asked taxpayers for $380 million in public funds to renovate Sun Life Stadium so that it could host future Super Bowls. The Florida state legislature ended its last session without voting on the project, though, so Ross and the Dolphins began issuing threats to leave south Florida, like all jilted owners do. Ross then started a political action committee, apparently with the intent of targeting state representatives who weren’t on board with his plan. To make a point, Ross and the Dolphins submitted a ridiculous bid to host the 2015 Super Bowl that proposed playing the game not in Sun Life Stadium but on board an aircraft carrier parked in Miami’s harbor. The city of Miami, by the way, is facing decades of debt brought on by the boondoggle stadium deal it gave Major League Baseball’s Miami Marlins. Neither that nor Ross’ wealth will prevent him from coming back to taxpayers in the future.
source
http://thinkprogress.org/sports/2013/09/16/2626101/meet-b.../
From a economics point of view I'd say its equally bad: both take from the local (in some cases city, in this case county) tax payer in exchange for the promise of economic development/increased economic activity. By the way, this promise is based on, at best, shoddy studies. A more cynical person might say that they're bunk, and all that is accomplished is a movement of resources from the public at large to a much smaller number of beneficiaries (i.e. fans of the team, the coaches and AD).
So from a Responsible Spending point of view, I'd say its equally bad for the residents of Summit County. For the rest of the State of Ohio its a great deal, as its money that the state isn't spending on the school. Likewise, from the perspective of an Akron student's family its not coming out of student fees. I'd also note that while, yes, it is a tax payer funded university, its "owned" by the State of Ohio, not Summit County. For this to make sense for Summit County, it would have to be drawing tens (hundreds?) of thousands of people a year from outside of Summit County.
From a fan extortion point of view, a professional team can threaten to relocate. The Zips can just threaten to...try to suck as much as Miami?