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Charlotte “unlikely” to contribute taxpayer money for new Panthers headquarters

TheSpecialJuan
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  • 2 weeks later...
jayboogieman Grand Master

jayboogieman

Posted
Posted

Take that Tepper! Charlotte has proposed to give 215 million to upgrade the Spectrum Center and build the Hornets a new 60 million practice facility.

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Under the proposed deal, the city of Charlotte would extend its lease with the Charlotte Hornets to 2045. The existing lease is set to expire in 2030. The new practice facility outside the arena will come from a separate pool of funding.

Construction is expected to begin this summer and take four years.

 

In the proposed deal, the Hornets would begin paying $2 million per year in rent in 2030 and $1.1 million in capital investments beginning in 2024.

And in case anyone is wondering, the city owns the Spectrum Center.

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Owned by the city of Charlotte, Spectrum Center has been the Queen City's NBA home arena since opening in October of 2005. The arena was built originally to host the Hornets before owner George Shinn relocated the team to New Orleans. As part of the deal, the NBA promised Charlotte a new team, which moved into Spectrum Center for the 2005-06 season. 

 

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Jmac Grand Master

Jmac

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Posted

Seems like this whole thing is just spiraling down a black hole. Turned into a real sh$t show in just a few years with Tepper. 

Team went south and the fan base with it. Public relations is circling the drain. The next shoe to drop will be?

 

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uncfan888 Grand Master

uncfan888

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5 minutes ago, Jmac said:

Seems like this whole thing is just spiraling down a black hole. Turned into a real sh$t show in just a few years with Tepper. 

Team went south and the fan base with it. Public relations is circling the drain. The next shoe to drop will be?

 

Moving the team

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Mr. Scot Grand Master

Mr. Scot

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Florio...

The process will allow Tepper’s real estate company to pay contractors who worked on the abandoned site, with the obvious reality being that there’s a good chance some or all will be paid less than they are owed.

Yes, it seems odd that a multi-billionaire would be able to shirk or minimize financial responsibilities by taking advantage of the bankruptcy laws. But rich people don’t get or stay that way by being stupid. In creating a company that was and is separate from his personal fortune and putting that company in charge of the aborted construction project for his football team’s stadium, Tepper can shield himself from having to dip into his own piggy bank to pay 100 cents on the dollar to those who provided services to a project that Tepper dumped once public financing didn’t come through.

The NFL, as explained in the article from TheAthletic.com, has no issue with the situation because the company declaring bankruptcy is separate from club ownership. However, these debts were incurred directly from an effort to build a new practice facility and headquarters for an NFL team. The idea that an NFL owner can play a financial shell game in order to force those who are owed a certain amount of money from devoting professional efforts to building an NFL facility to basically take whatever they can get from a bankruptcy estate feels wrong, no matter how technically right or legal it may be.

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TheMaulClaw Mentor

TheMaulClaw

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Posted
8 hours ago, jackson113 said:

Poo owner

poo coach

poo team

poo fan base ( me included I guess)

Great fanbase, tired of the poo owner, as they should be....but hey,  many wished for this when they decided to use mob rule to force Big Cat to sell.  Be careful what you wish for.  Grass ain't always greener.

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LinvilleGorge Grand Master

LinvilleGorge

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10 hours ago, Mr. Scot said:

Florio...

The process will allow Tepper’s real estate company to pay contractors who worked on the abandoned site, with the obvious reality being that there’s a good chance some or all will be paid less than they are owed.

Yes, it seems odd that a multi-billionaire would be able to shirk or minimize financial responsibilities by taking advantage of the bankruptcy laws. But rich people don’t get or stay that way by being stupid. In creating a company that was and is separate from his personal fortune and putting that company in charge of the aborted construction project for his football team’s stadium, Tepper can shield himself from having to dip into his own piggy bank to pay 100 cents on the dollar to those who provided services to a project that Tepper dumped once public financing didn’t come through.

The NFL, as explained in the article from TheAthletic.com, has no issue with the situation because the company declaring bankruptcy is separate from club ownership. However, these debts were incurred directly from an effort to build a new practice facility and headquarters for an NFL team. The idea that an NFL owner can play a financial shell game in order to force those who are owed a certain amount of money from devoting professional efforts to building an NFL facility to basically take whatever they can get from a bankruptcy estate feels wrong, no matter how technically right or legal it may be.

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This is business as usual for the wealthy. This was always one of Trump's favorite business ploys.

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