The Green Bay packers have an interesting approach to this problem, although it requires a fanatical fan base and special ownership provisions, and the fact that the team can't leave Green Bay (without a vote by the shareholders, who are all fans, which will never, ever, happen).

When they want to improve their stadium, they issue stock and sell more season tickets. This works because Packers stock cannot be sold or traded after purchase, and a season ticket is, for many working class Wisconsin families, an heirloom. A friend who's a Wisconsin native was put on the waiting list for season tickets at birth, and is in his parents' will to inherit his mother's ticket. His mom is probably going to die before he breaks 10,000th on the list, so that position will go to his kids. It's insane like that.

But it means that the taxpayers of Wisconsin, including those of us who, like myself, could really care less about football, don't have to foot the bill for maintenance and improvements to the Packers' stadium. But again, the Packers have a uniquely fanatical fan base, were created with provisions to keep them in Green Bay forever, and are owned by the fans.