Economic Benefits or Positive External Benefits? The Justifications and Enlightenment of US Local Governments Subsidizing Professional Sports Clubs

US local governments subsidizing professional sports clubs shifted from economic benefits (the essence of which is the redistribution of local economy rather than any additional economic growth) to positive externality (like city branding benefits, life quality improvement benefits, and psychic income benefits).It is held that the latter of positive externality should be followed is pivotal to urban development and the quality life of residents, therefore more justifiable for this subsidy.In view of the transformation of justification for government subsidies in the U.S., The positive externality should be followed in terms of non-market value.Contingent valuation method (CVM) is considered to be a relatively ideal tool for non-market value evaluation.It is also suggested that the application of CVM in non-market value evaluation of professional sports clubs in China should be localized by drawing on lessons from the American practice.