Toggle sidebar

“Charlotte City Council OK's Panthers stadium renovation plan”

BobPSU92

BobPSU92

Well-known member
Aug 22, 2001
40,085
28,571
113
See the link below. From the article:

“CHARLOTTE, N.C. -- The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper already has invested more than $117 million in stadium upgrades and also has agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.”

www.espn.com

Panthers get OK for Charlotte stadium renovation

The Charlotte City Council voted 7-3 Monday night to approve a joint $800 million stadium renovation plan with the Carolina Panthers that ties the NFL team to the city for the next 20 years.
www.espn.com www.espn.com

Nice to see that they won’t be using tuition dollars.

Kraft probably read this article and said to himself, “See? We’re on the right path.”
 
  • Like
Reactions: PSU76JW
PSUJam

PSUJam

Well-known member
Oct 7, 2021
11,677
21,222
113
BobPSU92 said:
See the link below. From the article:

“CHARLOTTE, N.C. -- The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper already has invested more than $117 million in stadium upgrades and also has agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.”

www.espn.com

Panthers get OK for Charlotte stadium renovation

The Charlotte City Council voted 7-3 Monday night to approve a joint $800 million stadium renovation plan with the Carolina Panthers that ties the NFL team to the city for the next 20 years.
www.espn.com www.espn.com

Nice to see that they won’t be using tuition dollars.

Kraft probably read this article and said to himself, “See? We’re on the right path.”
Click to expand...
In other news, Northwestern broke ground on a new $800 million stadium that could only hold our student section.

 
  • Wow
Reactions: BobPSU92
GrimReaper

GrimReaper

Well-known member
Oct 12, 2021
6,419
8,873
113
PSUJam said:
In other news, Northwestern broke ground on a new $800 million stadium that could only hold our student section.

Click to expand...

Could PSU get someone to privately fund renovation of the student section in Beaver Stadium?
 
BobPSU92

BobPSU92

Well-known member
Aug 22, 2001
40,085
28,571
113
PSUJam said:
In other news, Northwestern broke ground on a new $800 million stadium that could only hold our student section.

Click to expand...


This is what we’re up against.

How do northwestern alums feel about this? Doesn’t it go against their academics-first ideals?
 
Midnighter

Midnighter

Well-known member
Jan 22, 2021
10,473
16,649
113
BobPSU92 said:
See the link below. From the article:

“CHARLOTTE, N.C. -- The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper already has invested more than $117 million in stadium upgrades and also has agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.”

www.espn.com

Panthers get OK for Charlotte stadium renovation

The Charlotte City Council voted 7-3 Monday night to approve a joint $800 million stadium renovation plan with the Carolina Panthers that ties the NFL team to the city for the next 20 years.
www.espn.com www.espn.com

Nice to see that they won’t be using tuition dollars.

Kraft probably read this article and said to himself, “See? We’re on the right path.”
Click to expand...

 
  • Like
Reactions: BobPSU92
GrimReaper

GrimReaper

Well-known member
Oct 12, 2021
6,419
8,873
113
BobPSU92 said:
This is what we’re up against.

How do northwestern alums feel about this? Doesn’t it go against their academics-first ideals?
Click to expand...

Midnighter said:
Um, the person/people/entity who privately funded it can do whatever they want.
Click to expand...
IIRC, one version of the proposal had NU paying about $150mm. That met with some opposition from the faculty. That was largely eliminated when NU got donors to kick in the rest.
 
  • Like
Reactions: Bob78, BobPSU92 and Midnighter
GrimReaper

GrimReaper

Well-known member
Oct 12, 2021
6,419
8,873
113
BobPSU92 said:
Whereas we have poor alumni who don’t want to support our program.

The air must smell really good in Evanston. 😞
Click to expand...
Pretty sure PSU doesn't have an alum with a net worth close to Pat Ryan's. Would be an interesting exercise to se how many of the Top X would have to be added up to get there.
 
PSUJam

PSUJam

Well-known member
Oct 7, 2021
11,677
21,222
113
  • Wow
Reactions: BobPSU92
BobPSU92

BobPSU92

Well-known member
Aug 22, 2001
40,085
28,571
113
Lion84

Lion84

Well-known member
Oct 7, 2021
463
665
93
GrimReaper said:
Pretty sure PSU doesn't have an alum with a net worth close to Pat Ryan's. Would be an interesting exercise to se how many of the Top X would have to be added up to get there.
Click to expand...
Terry Pegula is $7.6 vs $12.5 for Ryan - what’s a fee billion between friends.
 
BobPSU92

BobPSU92

Well-known member
Aug 22, 2001
40,085
28,571
113
ApexLion said:
Just a heads up, UNC is building a new basketball mecca to replace the Dean Dome near my neighborhood. Restaurants, park, and 20k arena in a residential area. This is what I'm up against. Can't wait for the traffic. Plus side = I can walk to the games.
Click to expand...

They should build it in Durham, just because.

o_O
 
  • Haha
Reactions: Psu00
kgilbert78

kgilbert78

Well-known member
Apr 9, 2013
812
1,293
93
Midnighter said:
Such a waste of taxpayer dollars.
Click to expand...
Yep. That's why Oakland made the choice they did. But it's also why Oakland no longer has any professional sports, when they once had a team in all four major leagues plus the NASL back in the day. The current market does not allow a city to keep teams if they make Oakland's choice, as there's enough cities that will steal teams, like Austin tried to do to Columbus.
 
  • Like
Reactions: Midnighter
Midnighter

Midnighter

Well-known member
Jan 22, 2021
10,473
16,649
113
kgilbert78 said:
Yep. That's why Oakland made the choice they did. But it's also why Oakland no longer has any professional sports, when they once had a team in all four major leagues plus the NASL back in the day. The current market does not allow a city to keep teams if they make Oakland's choice, as there's enough cities that will steal teams, like Austin tried to do to Columbus.
Click to expand...

Zero reason for taxpayers to subsidize billionaires. That said, if you’re going to do it, it should be with public support (via ballot). Think voters rejected public funds for new stadiums in a vote last year but this move by the governor funds them anyway (unless I am reading this wrong). I can’t stand Jerry Jones but in Dallas the public voted for and approved $325mm to fund Jerryworld while he paid $825mm and got a little from the NFL. That is the way to do it.
 
  • Like
Reactions: Bison13 and LionJim
LionJim

LionJim

Well-known member
Oct 12, 2021
12,241
16,861
113
Midnighter said:
Zero reason for taxpayers to subsidize billionaires. That said, if you’re going to do it, it should be with public support (via ballot). Think voters rejected public funds for new stadiums in a vote last year but this move by the governor funds them anyway (unless I am reading this wrong). I can’t stand Jerry Jones but in Dallas the public voted for and approved $325mm to fund Jerryworld while he paid $825mm and got a little from the NFL. That is the way to do it.
Click to expand...
Go look up Abe Pollin.
 
  • Like
Reactions: Midnighter
Midnighter

Midnighter

Well-known member
Jan 22, 2021
10,473
16,649
113
LionJim said:
Go look up Abe Pollin.
Click to expand...

Seems like he put a lot of his own money into what would eventually be Capital One, but saw this as well:

More recently, Monumental Sports & Entertainment, led by Ted Leonsis, is involved in a significant $800 million renovation of Capital One Arena. This project includes a large public investment of $515 million from the District of Columbia, with Monumental contributing a minimum of $285 million.

What’s interesting is DC foots the bill while VA and MD enjoy the games.
 
kgilbert78

kgilbert78

Well-known member
Apr 9, 2013
812
1,293
93
Midnighter said:
Zero reason for taxpayers to subsidize billionaires. That said, if you’re going to do it, it should be with public support (via ballot). Think voters rejected public funds for new stadiums in a vote last year but this move by the governor funds them anyway (unless I am reading this wrong). I can’t stand Jerry Jones but in Dallas the public voted for and approved $325mm to fund Jerryworld while he paid $825mm and got a little from the NFL. That is the way to do it.
Click to expand...
While I agree with the principle, you have to be willing to lose your team(s). Because that's the way it works in real life, these days.

I'lll note that having sports add a lot to a city. In Columbus, they took over the old State Pen site to build Nationwide Arena--and after that Huntington Park (AAA baseball) and the new Crew stadium just down the street. It's close to the Convention Center as well. It's an area that was full of old industrial buildings that were derelict in some cases and the like. Now it's a booming area with lots of new housing and restaurants and hotels. That can make it a good investment.
 
  • Like
Reactions: Erial_Lion and Bison13
Midnighter

Midnighter

Well-known member
Jan 22, 2021
10,473
16,649
113
kgilbert78 said:
While I agree with the principle, you have to be willing to lose your team(s). Because that's the way it works in real life, these days.

I'lll note that having sports add a lot to a city. In Columbus, they took over the old State Pen site to build Nationwide Arena--and after that Huntington Park (AAA baseball) and the new Crew stadium just down the street. It's close to the Convention Center as well. It's an area that was full of old industrial buildings that were derelict in some cases and the like. Now it's a booming area with lots of new housing and restaurants and hotels. That can make it a good investment.
Click to expand...

I don’t disagree but it’s about the opportunity cost and investment. If it’s relatively minimal and with voter approval, all good. If you’re mortgaging your budget just to get a team and go around voters to do so, not good. Some of these deals are just horrible. As for Columbus, could the city have done the same with the money without propping up a sports team? You can have a vibrant neighborhood/city without a major sports team to anchor it. Parks, cultural attractions, shopping/dining can do the same for less money and traffic.
 
kgilbert78

kgilbert78

Well-known member
Apr 9, 2013
812
1,293
93
Midnighter said:
I don’t disagree but it’s about the opportunity cost and investment. If it’s relatively minimal and with voter approval, all good. If you’re mortgaging your budget just to get a team and go around voters to do so, not good. Some of these deals are just horrible. As for Columbus, could the city have done the same with the money without propping up a sports team? You can have a vibrant neighborhood/city without a major sports team to anchor it. Parks, cultural attractions, shopping/dining can do the same for less money and traffic.
Click to expand...
They have tried. Spent more on stuff that isn't used. What's left of the replica Santa Maria is rotting away in storage somewhere. Sports bring in a consistent audience during their season, as well as concerts and the like at other times, since the facilities are already there. Consistent is the key.
 
  • Like
Reactions: LionJim
Midnighter

Midnighter

Well-known member
Jan 22, 2021
10,473
16,649
113
kgilbert78 said:
They have tried. Spent more on stuff that isn't used. What's left of the replica Santa Maria is rotting away in storage somewhere. Sports bring in a consistent audience during their season, as well as concerts and the like at other times, since the facilities are already there. Consistent is the key.
Click to expand...

Economists almost universally agree public funds could be better spent. Will leave it there. Enjoy the hockey!
 
  • Like
Reactions: SleepyLion
You must log in or register to reply here.
Top Bottom