| I don't know much of the matter but here's my guess.
This might be something like with HID grow lights (not the best analogy) where, even though the LEDs are vastly more efficient, they might require a much larger upfront investment that only pays off in the long term—and when a smaller sports stadium is used for under a third of the year, the LED replacements don't even get a chance to repay themselves, let alone start saving money. Another simpler reason might be "If it ain't broke, don't fix it", and if a stadium owner already has spare PBMH lamps (which already require even less parts than PSMH), they might wait until it's exhausted before upgrading to LED.
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