With the state rejecting any financial participation in the deal and the city tens of millions of dollars short of being able to meet a commitment it made two months ago — and the Panthers on a tight time line for a decision — someone is going to leave the bargaining table unhappy.
Many elected officials and business leaders hope it’s not the Panthers that decide to leave altogether.
Unfortunately if you don't subscribe yo ucan't see the entire article. I get the hard copy version. Some quotes from the article:
Tether... The mayor's reference is to the length of time it will take to repay the amount the city invests in the stadium renovations. If, for example, the Panthers respond to smaller public contribution by reducing the tehter, to say, 10 years, the city could still be repaying the money years after the agreement expires.
All of which defeats the purpose of the talks, aimed at ensuring the team stays in Charlotte after 76-year-old majority towner Jerry Richardson dies. His estate calls for the team to be sold two years after his death.... Richardson said several times he won't move the team. New owners are unlikely to be so inclined....Forbes values the Panthers at $1 Billion and, (Marc) Ganis says, that makes it clear the next owner will seek, and need, more tax-payer money. Signing a 15-year commitment for $200 million could look like a bargain if Richardson dies in the next several years.
A new owner will have much higher debt and would either seek a new stadium almost immediately or move the team....
referring to Ron Kimble, the deputy city manager leading the talks with the Panthers and the State, City Councilman James Mitchell said, "We call Ron our miracle worker. But unless Ron can pull a rabbit out of a hat, we'll be stuck with $119 million," for the Panthers.
...Mitchell and others in Charlotte say "political reality" in the form of no-new-tax pledges by Republican lawmakers made the meals tax increase untenable, even though it would have aplied only in Charlotte....
The city has a clear conscience on the stadium negotiations, Foxx said, implying that state leaders might not. "I can sleep at night knowing we actually didn't play politics with this. I hope the state legislature, if the unthinkable happens and we end up losing this team, I hope they can sleep at night."
-Charlotte Business Journal, Volume 28 Number 2, March 29, 2013