Final answer:
Without explicit data, the exact percentage of sports stadiums and arenas owned by franchise owners cannot be determined from the provided information. The economic impact of professional sports in contrast to other local entertainment indicates that locally-owned venues contribute more to the local economy due to a higher percentage of income being spent locally.
Step-by-step explanation:
The question posed concerns the ownership of professional sports stadiums and arenas. Unfortunately, there is no definitive answer provided to this specific question within the information given. To determine which of the percentage options—10%, 0%, 70%, or 50%—is accurate for the proportion of stadiums and arenas owned by franchise owners, additional research and up-to-date data is necessary. However, based on the details provided, we can explore the economic impact of professional sports on local economies compared to other forms of entertainment.
It is illustrated that if a professional athlete earns one dollar, 40 cents are paid in taxes, 20 cents are saved, and the remaining portion is spent with only 20 cents entering the local economy. In contrast, for locally-owned entertainment, a dollar earned has a more significant local economic impact—after taxes and savings, about 33.8 cents are spent within the local area.
Local entertainment venues that are not associated with professional sports often contribute more to the local economy due to owners living locally and spending a higher percentage of their income on local goods and services. This is partly due to their lower income levels leading to lower tax rates and a reduced ability or need to save compared to professional athletes, resulting in a higher marginal propensity to consume (MPC) locally.