City is running out of options in effort to tie Panthers to Charlotte

[SCP]

http://www.bizjourna...options-in.html

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."

Erik Spanberg

-Charlotte Business Journal, Volume 28 Number 2, March 29, 2013

[Razeyfingers]

I saw Big Cat walking the other day. Saw all the chic fillet bags in my car and asked where Ive been shopping. He looks healthy, looks good.

[carolina-chuck]

JR

[YoungPanthers89]

NC cannot have nice things....ever

[SCP]

McCrory must be a Redskin fan.

Not looking good IMO. The new owner will have an easy exit if he/she chooses to leave town. But hey, at least we'll save $.75 when we make the choice to eat out in uptown.

[cultclassiccat]

JR should pay for it himself and then sell the team to us.

imo the next owners should be rooted in the Carolinas so this moving poo isnt even an issue.

can that even happen?

[jasonluckydog]

NC residents thank you for voting for these assholes....

[csx]

I am ignorant to the specifics of this, but what is it that ties the team to the city if they pay for all of the upgrades? Why can't the agreement be based on the contributing what they can?

[SCP]

I am ignorant to the specifics of this, but what is it that ties the team to the city if they pay for all of the upgrades? Why can't the agreement be based on the contributing what they can?

In return for the original public proposal, the team was going to sign a 15 year tether to the city to make it very difficult for a new owner to relocate. It was also going to feed a pot to build a new stadium in 15 years if need be. But the state said no to a local tax that would have only been paid by people who chose to eat out. A smaller public buy in means a shorter commitment from the team to stay. It's not JR that should be a concern, its the new owner. With no public ties, the team can move with no penalty.

[SCP]

Go ahead Charlottle. Give away one of your biggest pieces of revenue to your city. After all, it worked out with The Hornets.

NC and the state legislature is to blame. Charlotte agreed to help fund but their plan, that included a local prepared food tax that does not effect everybody, was rejected by the state of NC.

[Floppin]

Go ahead Charlottle. Give away one of your biggest pieces of revenue to your city. After all, it worked out with The Hornets.

Not Charlotte's fault. The city approved the tax, you can blame those morons in Raleigh for shooting down a local tax initiative.

[CatMan72]

McCrory must be a Redskin fan.

Not looking good IMO. The new owner will have an easy exit if he/she chooses to leave town. But hey, at least we'll save $.75 when we make the choice to eat out in uptown.

Exactly... I've lost a lot of respect for McCrory, this is nothing but partisan politics. It's the Republicans at the state level sticking it to the Democrats in Charlotte, nothing more.

There's no state money, okay fine - but why isn't Charlotte allowed to raise it's own taxes???

[SCP]

My bad. Screw the state and those snobs in Raleigh then. This is starting to get irritating.

It's irritating because the state is willing to play chicken with an unknown owner or ownership group that buys after Jerry dies. Every other team in the NFL that has asked for public assistance has received it, even Buffalo.

[CatMan72]

McCrory could easily say that the state has no money to give, but that he's not going to block Charlotte from raising it's own taxes to give as much as they want.... so this is obviously petty partisan politics.