29 May What the Carolina Panthers’ record $2B sale means for local real estate
From back: Carolina Panthers’ home stadium in Charlotte, David Tepper. (Credit from back: Paul Brennan; Appaloosa Management)
Billionaire David Tepper’s purchase of the Carolina Panthers is a record-breaking deal for the NFL, but the new ownership, which won’t be official until July, is already ruffling local feathers.
The team’s previous owner, Jerry Richardson, had a deal with the city of Charlotte that the local government would contribute $75 million to renovating the Panthers’ stadium so long as the team stayed in the city past 2023, but now lawmakers are wondering whether Tepper will hit them up for more cash–or even move the team, according to the Charlotte Observer.
The Observer reports that in anticipation, lawmakers are considering how much cash they could scrape together if they cancelled most capital projects until 2023. Ultimately, the city found $60.5 million that it could redirect over five years to the stadium if necessary. Locals residents, however, may balk at the idea of scrapping public projects that were in the pipeline, such as the new recreation and convention centers, should the billionaire would demand government funds for the stadium.
Tepper is remembered in New York real estate history for his $43.5 million purchase of Joanne Corzine’s Sagaponack estate in 2010 — it was one of the most expensive sales of the year. [Charlotte Observer] — Erin Hudson