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I really wish all governments would tell these crooked billionaires to take a hike and stop wasting public funds on over paid sports.
In reality you do not become a billionaire without being a shark, no way Tepper is going to lose on this deal because Rock Hill jerked him around from the original deal this is basically the ultimate power play that will extract more money from the public purse.
I like sports a lot. However the older I get, the less tolerance I have for giving tax breaks to billionaires so they can get the public to pay for their toys. I completely understand nowadays my elders who opposed Spectrum Center 20-ish years ago even though I as about a 15 y/o who knew nothing about paying taxes was all for the project.
I'd rate this post positive 100x if I could. Tepper has shown himself to be a very mediocre NFL owner and now, like other billionaire owners, wants the public to pay for the investment in his business. We all know the value an NFL franchise holds and no doubt Tepper would bank hundreds of millions of dollars if he sold tomorrow yet he wants everyone else to pay for his gains. No thanks.
I say this as an absolute huge sports fan. Enough is enough though.
"... Tepper has spent $170 million of his own money. He does not walk away. But if he did, he still owns the property. He would develop it or sell it. The interchange would get finished and another business would finish the development. But neither wants to walk away.
I think everyone involved in this deal wants to walk away. Yes, Tepper could sell the property to recoup his investment (if it really is wholly his investment), or he could recoup his loss by selling the Panthers.
Tepper isn't a Soccer Mom or even a Soccer Dad. He's a hedge fund manager whose business model in Charlotte evokes shades of Mordecai C. Jones [The Flim Flam Man*], who also happens to own a football team now.
By the time the smoke clears, Charlotte could be left with an empty stadium and no football team. And Rock Hill could be the proud owner of The Interchange to Nowhere.
I think everyone involved in this deal wants to walk away. Yes, Tepper could sell the property to recoup his investment (if it really is wholly his investment), or he could recoup his loss by selling the Panthers.
Tepper isn't a Soccer Mom or even a Soccer Dad. He's a hedge fund manager whose business model in Charlotte evokes shades of Mordecai C. Jones [The Flim Flam Man*], who also happens to own a football team now.
By the time the smoke clears, Charlotte could be left with an empty stadium and no football team. And Rock Hill could be the proud owner of The Interchange to Nowhere.
Where would the Panthers move? What city has the willingness to build a 2 billion dollar stadium for an NFL team? San Diego? San Antonio? Portland? OKC? A 2nd team in Vegas?
Exactly, where would he take the team. There are 30 NFL teams and CLT is the 22nd largest market in the US. Much on NFL revenue comes from TV money. The biggest markets bring more money. So, why would Tepper move to a smaller market. The Panthers also rank around 6th or 7th every year in ticket sales.
A very recent article in the CLT Business Journal says that Tepper and the city of Rock Hill want to still complete the deal. If Rick Hill can come up with the money then the deal will get done. Maybe Tepper does agree to for the $225 million in infrastructure, but Tepper would get something else in return.
Where would the Panthers move? What city has the willingness to build a 2 billion dollar stadium for an NFL team? San Diego? San Antonio? Portland? OKC? A 2nd team in Vegas?
Many cities would fall over themselves to get an NFL franchise. You're also limiting yourself to the US. It's no secret the NFL would love to expand beyond it's current borders. Tepper could sell the team today and make hundreds of millions off what he bought it for or move the team to the highest bidding city. The Hornets moved once so the QC certainly has no strangle hold on any professional teams in any league.
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A very recent article in the CLT Business Journal says that Tepper and the city of Rock Hill want to still complete the deal. If Rick Hill can come up with the money then the deal will get done. Maybe Tepper does agree to for the $225 million in infrastructure, but Tepper would get something else in return.
This, sweeten the pot and Tepper will be all smiles.
Rock Hill can refute the claim all they want. They are not telling the truth. Rock Hill said that they had done all they could do without negatively impacting the tax payers or something to that effect.
I'm trying to figure out if they both could be technically telling the truth.
Rock Hill's statement includes:
"The City did not commit to provide unlimited City backstop, but instead agreed to use its best reasonable efforts to issue bonds to be repaid by the increase in the tax revenues generated from development of the site which protects the City’s taxpayers and the City’s favorable financial position"
Tepper's statement includes:
"The City of Rock Hill failed to issue the bonds or provide the funding for the public infrastructure for the project."
Was the agreement that Rock Hill should have had the funding already, but Rock Hill is just claiming they're "making efforts" to get it?
Appreciate the reply. Basically, from my understanding, it's a matter of 80 million dollars, to fund infrastructure e.g. roads, water, sewer.
That's it.
I cannot imagine that someone at the State level cannot come up with the funds.
I totally agree with you. It's standard practice for the state or local government to pony up the funds for basic infrastructure associated with economic development projects, and even if the city of Rock Hill doesn't have much experience with that, the county and state most certainly do which makes the situation quite puzzling.
I totally agree with you. It's standard practice for the state or local government to pony up the funds for basic infrastructure associated with economic development projects, and even if the city of Rock Hill doesn't have much experience with that, the county and state most certainly do which makes the situation quite puzzling.
Indeed. And it would seem to me that if this were the major, legitimate, issue behind Tepper's withdrawal, he would've been a lot more vocal about his desire to get the project completed.
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