An effort to secure a local government subsidy for a professional sports venue or event typically cites findings from a private consultant’s economic impact analysis on its purported benefits to the jurisdiction(s) offering the subsidy. Scholars have consistently expressed concerns regarding the ability of the public, and the officials that represent them, to detect the deficiencies that often plague such an analysis. We review the previous academic research to identify a common set of concerns regarding this form of analysis. These concerns are the basis for a list of 20 evaluative questions to consider in a critical assessment of an economic impact study. To illustrate the practicality of these questions, we ask them of previous studies regarding the economic impact of different professional sport venues or events in five different U.S. cities.