It turns out that handing over taxpayer dollars to billionaire owners tends to be far less popular among regular citizens than among well-connected government officials.
Tldr: when these initiatives are decided by politicians they get wine and dine vip treatment, swaying their decision. When it's decided by voters and ballot initiatives, it tends to be shot down - the jig is up, many voters don't believe investing in stadiums helps local economies enough. Ultimately the electorate is tired of footing the bill for private business and billionaire profits. Shocking.