The rich will get richer. As they often do.
Panthers owner David Tepper, who is worth roughly $20 billion, will get $650 million in taxpayer money for renovations to the team’s 29-year-old stadium.
Via Bret McCormick of Sports Business Journal, Charlotte City Council voted 7-3 to approve the proposal on Monday night. Tepper will contribute $150 million. He also will be responsible for cost overruns.
The renovations will begin in 2025 and it will be completed by 2029.
“Today’s vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America stadium,” Tepper said in a statement. “Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city.”
They should be grateful. City council did what the voters surely would not have done.
That continues to be the biggest disconnect when it comes to stadium politics. Elected officials will do what voters in most jurisdictions will not do.
So why do the elected officials continue to defy the will of the people? That’s a very good question. One that should be answered by the seven who voted “yes” when they are up for re-election.
