Panthers owner David Tepper set to receive $650,000,000 boost as Carolina waits on stadium renovations
David Tepper plans to renovate Bank of America Stadium, the home of the Carolina Panthers. However, to fulfill his plans, the billionaire needs assistance from the Charlotte City Council to the tune of $650 million.
Tepper took over the ownership of the Panthers in 2018 for $2.3 billion; he inherited the Bank of America Stadium. The stadium opened its gates in 1996 and has seen multiple renovations over the years.
To again renovate the stadium, Tepper needs $800 million. The billionaire is willing to front $150 million from his end but requires taxpayer’s dollars for the rest. Joseph Person of The Athletic states that the city is all set to decide on this agenda soon.
Person wrote that the 11 members of Charlotte’s city council are set to vote on the matter. As per Tepper's proposal, this amount will be funded from the taxes received under the hospitality-related collections. Also, taxes which are set aside for tourism-related projects will contribute to the collection.
This vote will take place on Monday evening, merely three weeks after David Tepper revealed the details of the renovation project. The plans are set to improve the fan experience, along with providing better accessibility to the players and staff.
Cam Newton calls out David Tepper
While Panthers fans had called out the billionaire owner, demanding public funds, former franchise QB Cam Newton took a different route. On his podcast Fourth and 1, Newton took shots at Tepper for not listening to the city of Charlotte.
"I don't care how much money you got. I don't care how much money you asking for. But if you're not at one, the number one in charge is not at one with the city, it's not gonna work. It's not, so take it for what it's worth."
The city council is set to go on its summer break after this week and hence this deal has progressed at a breakneck speed. The expectations are that David Tepper’s request for the funds will be approved in the vote on Monday.