Panthers HQ in Rock Hill put on hold (Charlotte, Mooresville: how much, hotels)
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First, the Soccer headquarter to be located at Eastland Mall was scotched. Now the Panthers facility in Rock Hill is on hold.
Tepper put up less than 25% of the funds for the Panthers facility and wants Rock Hill to float a bond to pay for the rest. I wonder just how much confidence investors have in Tepper.
I'm no insider, so I don't know a whole lot. From the outside, however, Tepper's plans don't look like a good risk.
The soccer stadium needs to be close to uptown and a spot where people can stay in hotels and enjoy dining and partying. If a stadium was to be located at the Eastland Mall area, it is good that it was scratched. Tepper is a billionaire, how can his plans and/or investments not succeed? Maybe he needs to spend more of his own money. In my opinion, he should give up, and invest in light rail to Mooresville. We do need a great soccer stadium though. Looks like Tepper should spend more money on football players like McCaffrey.
The soccer stadium needs to be close to uptown and a spot where people can stay in hotels and enjoy dining and partying. If a stadium was to be located at the Eastland Mall area, it is good that it was scratched. Tepper is a billionaire, how can his plans and/or investments not succeed? Maybe he needs to spend more of his own money. In my opinion, he should give up, and invest in light rail to Mooresville. We do need a great soccer stadium though. Looks like Tepper should spend more money on football players like McCaffrey.
Artie,
The Eastland project was just for the headquarters, not a stadium.
Tepper is a billionaire, how can his plans and/or investments not succeed?
That's a very easy question to answer. Tepper is a hedge fund manager. Hedge funds employ riskier-than-usual investment strategies of OTHER PEOPLE'S MONEY that charge exorbitant fees. The success of hedge funds depend largely upon the success of the manager.
Factor the performance of the national economy into the mix: If you look at the distress of the U.S economy in 2007-2008, you'll also see that a lot of people lost money in hedge funds. Do a little homework on derivatives (using borrowed money to buy more of an asset in order to multiply investors' potential returns), and you can see how Tepper (and his investors) could find himself under water beyond his eyeballs.
Rock Hill's failure to float the bonds for the facility could signal a loss in confidence in Tepper, something that could cause anything that he has money invested in to tank big time.
Maybe he needs to spend more of his own money.
Well, yes. I wonder just how much of his wealth is actually his and sheltered from catastrophic loss.
I could be wrong, but I believe that at some point Mr. Tepper may leave Charlotte with his tail between his legs after having accomplished little or nothing.
I haven’t looked closely but I’m a little confused by the story…from what I can tell it actually seems to be more the city’s fault for not taking out a bond they said they would?
I haven’t looked closely but I’m a little confused by the story…from what I can tell it actually seems to be more the city’s fault for not taking out a bond they said they would?
Supposedly, when the city got to the point of issuing the bonds they asked for Tepper's sign off (a requirement known to both parties in advance) and he attempted to begin a renegotiation of the terms and refused to sign. Thus, no bonds can be sold.
I haven’t looked closely but I’m a little confused by the story…from what I can tell it actually seems to be more the city’s fault for not taking out a bond they said they would?
From what I understand, the City of Rock Hill was supposed to provide infrastructure funding for the needed water/sewers/roads surrounding the complex. The City had defaulted on their obligation; meanwhile, York County came in to save the day: the issue that had caused any degree of friction was removed.
I therefore do not understand why the project hasn't resumed, nor do I understand why anyone would walk away from a project...there's a HUGE skeleton standing there: I do not know how many millions of dollars were already invested in the project...to walk away from that so quickly? So easily?
"As a Panthers fan, a resident of York County and as its representative in Congress, I am publicly asking Mr. Tepper to break the silence and be transparent about what’s happening from his perspective. We deserve at least that much respect."
"... it was so shocking when Tepper Sports unexpectedly paused construction over a month ago; a blow that, since then, has been compounded by the organization’s unexplainable silence."
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