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Panthers reach 15-year deal with Charlotte

Oakland Raiders v Carolina Panthers Getty Images

The Panthers and the city of Charlotte have reached a deal, one in which the city pays for the bulk of the team’s upgrades to Bank of America Stadium, while tying the team to the city.

According to Erik Spanberg of the Charlotte Business Journal, the city agreed to pay $143.75 million toward the upgrades to the stadium which was finished in 1996, while the Panthers will contribute $96.25 million and the state of North Carolina $62.5 million.

In exchange for the money, the team “will be tethered” to the city for at least 15 years.

While no fanbase likes tax dollars (in this case a 1 percent hike in restaurant taxes over a 15-year period) heading to a business estimated to be worth $1 billion, the reality is citizens are footing a much smaller share of the tab than in places such as Minneapolis or Indianapolis.

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36 Responses to “Panthers reach 15-year deal with Charlotte”
  1. thegreatgabbert says: Feb 8, 2013 4:11 PM

    …and the city will be tethered to the team for 15 long years.

  2. pilot2011 says: Feb 8, 2013 4:15 PM

    Higher ticket prices for South Carolina folks then?

  3. blacknole08 says: Feb 8, 2013 4:16 PM

    As a Panthers fan, I’m happy that we aren’t the ones moving to L.A.

    Beautiful city and stadium, great citizens and a class organization. I’m proud to be a Panthers fan today.

  4. dmartin17 says: Feb 8, 2013 4:20 PM

    What a scam these sports owners have going. Getting public money is such dirty pool.

  5. fitzmagic1212 says: Feb 8, 2013 4:20 PM

    wow here in buffalo we gave pretty much the same money for half the length. well done charlotte.

  6. southcakpanther says: Feb 8, 2013 4:22 PM

    Great news! Go Panthers!

  7. mediasloppy says: Feb 8, 2013 4:23 PM

    Doesn’t this Stadium suffer from blackouts or last minutes sales to keep the game from being blacked out?

  8. flapjackdaddy says: Feb 8, 2013 4:27 PM

    mediasloppy-

    No. Last sell-out was 2002. Near blackouts (i.e. “last minute sales”)?…A sell-out is a sell-out. The PSLs have more to do with the sell-out streak. The tickets have already been sold.

  9. flapjackdaddy says: Feb 8, 2013 4:28 PM

    Last *blackout was 2002. Herp derp.

  10. blacknole08 says: Feb 8, 2013 4:34 PM

    Hey GreatGabbert, how’s that team with tarps covering half their stadium and the anime logo doing in Jacksonville?

  11. thegreatgabbert says: Feb 8, 2013 4:35 PM

    Newton will be finished college by then. Hopefully.

  12. fuglyflorio says: Feb 8, 2013 4:37 PM

    15 years of blackouts.

  13. digitaldonnie says: Feb 8, 2013 4:37 PM

    You guys are right, the games are sell outs. Usually by the opposing teams fans. Ive been to a lot of Panthers home games and its full of other teams fans.

  14. granadafan says: Feb 8, 2013 4:43 PM

    What a shame that politicians and cities are blackmailed into paying for the lavish palaces of billionaire owners of billionaire teams in a league worth tens of billions dollars. Isn’t this corporate welfare?

  15. Slim Charles says: Feb 8, 2013 4:45 PM

    Public financing of stadiums is one of the biggest scams in existence.

  16. crownofthehelmet says: Feb 8, 2013 4:51 PM

    Charlotte Rae?

  17. peytonsneck18 says: Feb 8, 2013 4:52 PM

    doesnt matter, Cam wont take them to the playoffs by then

  18. southcakpanther says: Feb 8, 2013 5:05 PM

    digitaldonnie says:
    Feb 8, 2013 4:37 PM
    You guys are right, the games are sell outs. Usually by the opposing teams fans. Ive been to a lot of Panthers home games and its full of other teams fans.
    ————

    As a season ticket holder, I agree. It stinks but that’s the hazards of being a 17 year old franchise in a city that is one of the fastest growing in the country. Charlotte is full of transplants and we are a young franchise, there’s not much we can do about it. Still, BofA is a great stadium and the downtown environment is awesome for tailgating. Awesome news.

  19. gonavybeatarmy says: Feb 8, 2013 5:15 PM

    Welfare for the rich. Another billionaire owner fleecing and screwing the poor taxpayers for every dollar he can.

    Hate them if you want, but the only owners who haven’t fleeced the taxpayers are Snyder, Jones and Kraft.

  20. 213mug says: Feb 8, 2013 5:34 PM

    First off to all those complainers. These franchises bring way more than what they get back. Tourist, sales tax and revenue tax. The Panthers brought in well over 1 billion to Charlotte. All the get back is around 200 million so the stay for another 15 years and put another 1-2 billion into your economy.

    The city and the players see more money than some of these owners.

  21. purpleguy says: Feb 8, 2013 5:56 PM

    The NFL owners that are continuing to leverage LA for stadiums in their respective jurisdictions ought to be buying those developers some very big baskets of fruit.

  22. TD Hawk says: Feb 8, 2013 5:57 PM

    Great city and fans and I don’t doubt Mr. Richardson means what he says about keeping the team in Charlotte, but he had the city and fans by the short hairs. These take-it-or-possibly-adios deals resoundingly stink for tax payers.

  23. thesportsguy52 says: Feb 8, 2013 7:04 PM

    The fact that it had to come down to a deal like this shows that Tagliabue was wrong about not giving Baltimore a team first. The Ravens are 4th in revenue in te league. I don’t know what the Jags and Panthers are In that category, but it’s not good. Super Bowl Rings: Ravens=2 Jags/Panthers=0
    We win.

  24. tjstyles says: Feb 8, 2013 7:17 PM

    What exactly is the state income tax of the players the Panthers will be paying over the next 15 years?

    The Panther’s current payroll is just over $73 million. Let’s just just call it $70 million a year for the next 15 years. The team will then pay $1.05 billion to its players. North Carolina’s state income tax is 6 to 7.5% depending on income. Let’s just say, to be safe, the players pay 5% income tax on average over the next 15 years. That comes out to $52.5 million dollars. That is just from the income tax of the players’ salaries, and I low-balled it.

    Now, add in the coach’s salaries, the jobs the NFL creates at the stadium, the tax from the ticket and memorabilia sales it generates, tourism, the increased business for all of the businesses around the stadium (like paid parking lots, restaurants, sports bars, etc.). When everything is said and done, having the franchise in the state more than pays for itself. If it didn’t, why would so many states be willing to break out the pocket book to keep/steal professional sports franchises?

  25. glmore says: Feb 8, 2013 7:45 PM

    Just to prove your point even more; The Panthers do not have a $70 million payroll……the salary cap is $121 million….and the Cats are over that! That means more tax dollars….good deal for Charlotte!

  26. southcakpanther says: Feb 8, 2013 11:56 PM

    thesportsguy52 says:
    Feb 8, 2013 7:04 PM
    The fact that it had to come down to a deal like this shows that Tagliabue was wrong about not giving Baltimore a team first. The Ravens are 4th in revenue in te league. I don’t know what the Jags and Panthers are In that category, but it’s not good. Super Bowl Rings: Ravens=2 Jags/Panthers=0
    We win.
    —————-
    Hey look a bandwagon Raven fan. Were you a Cowboy fan in the early 90′s?

  27. rollteal says: Feb 9, 2013 10:43 AM

    I first want to say from a Jaguars fan it’s good news the Panthers are remaining in Charlotte but I really didn’t have much thought otherwise.
    Anyways Baltimore as had a lot of Prosperity and greater opportunities with the Ravens they have become a world class franchise . I don’t think the Bombers would have been the same at all.

  28. djp141 says: Feb 9, 2013 11:25 AM

    thesportsguy52 says:Feb 8, 2013 7:04 PM

    Super Bowl Rings: Ravens=2 Jags/Panthers=0
    We win.
    ———————————————————-

    Jeez, still bitter even after winning the Super Bowl again? Did it ever occur to you that if Baltimore had gotten an expansion team, instead of taking Cleveland’s, you might not have any rings at all?

  29. jerrydalejones says: Feb 9, 2013 4:39 PM

    Damn, between Jordan and Jerry the city should win a championship by then. This is laughable. What has the panthers done for the city of Charlotte

  30. dallascowboysdishingthereal says: Feb 9, 2013 6:02 PM

    Throwing good money at bad. Jerry Richardson has Charlotte by the short hairs.

  31. mediasloppy says: Feb 9, 2013 6:12 PM

    Sorry Panthers. I got my cats mixed up. I’m thinking of the Jacksonville Jaguars. They haven’t had any blackouts last year, but I see posts about them all the time, along with a few other teams that need extra days to make sure they have enough tickers for the game to not be a blackout…

  32. ravenincleveland says: Feb 9, 2013 7:48 PM

    The NFL is in no hurry to put a team back in LA. As long as that market is vacant, it can always be used as leverage for any other team wanting a sweetheart deal.

  33. bartlettruss says: Feb 10, 2013 7:40 AM

    At least we know we can trust the Bank of America…

  34. slammincamnewton says: Feb 10, 2013 8:29 PM

    Well since the taxpayer are paying for your investment JR, open your checkbook for once.

  35. diehardcatz says: Feb 11, 2013 2:37 PM

    Panthers have sold out every game since 2000. Do not mention Panthers and Jags in the same sentence, please. They are not even close to the value and success of the Panthers.

  36. jgedgar70 says: Feb 12, 2013 7:26 AM

    “While no fanbase likes tax dollars (in this case a 1 percent hike in restaurant taxes over a 15-year period)”

    While this quote might be correct in what the deal says, it will not play out that way. This prepared food/restaurant tax that’s increasing? It was implemented in 1990 for allegedly one reason only, to pay to build the new Charlotte Convention Center, which opened in 1995 and has long since been paid for. The tax remains, and now it’s being increased to pay for escalators and new furniture for the owner’s suite.

    There are two things that are absolutely certain about life in 2029:

    1) The sun will rise in the East each morning.
    2) The tax to build the CLT Convention Center & rennovate B of A stadium will NOT go away. It will probably have been increased 2 or 3 more times “temporarily” to pay for other projects.

    Such is life with American politicians. All tax reductions are temporary, all tax increases are pemanent.

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