Charlotte FC owner wants $650 million for renovation

Charlotte Panthers and Charlotte FC owner David Tepper recently asked the city to pay upwards of $650 million for their stadium renovation. City officials stated that tourism taxes would make up the brunt of their spending.

Per Carolina Panthers president Kristi Coleman, Tepper’s Sports and Entertainment (TSE) is pleased with the location. In a statement, she said the stadium’s foundation was intact and both Charlotte and TSE made a lot of money off the stadium. The Bank of America Stadium generated north of $1.1 billion and supports 9,000 jobs in the area.

Rather than a complete renovation of the Bank of America stadium, TSE aims to modernize it, adding key elements and making the stadium a community center for the city of Charlotte.

How will this happen?

TSE is proposing to pay $150 million of the fee, leaving the city of Charlotte to foot around $650 million (over 80%) of the cost. It’s something that Charlotte regularly encounters with other teams and tournaments. Charlotte paid over $285 million to renovate the Charlotte Hornets’ facilities and nearly spent $65 million to earn hosting rights to a top-tier tennis tournament.

The city of Charlotte will pay the cost through taxes from restaurants and hotels. They impose these taxes when Charlotte residents go out to eat, or even when Mecklenburg County visitors book a hotel. Charlotte, in turn, will get a promise that Charlotte FC and the Panthers will stay in Charlotte for 20 years and the billion dollars of economic impact the stadium brings in.

TSE wants to build huge LED screens outside the arena for watch parties, along with room for concession stands, a bigger team store, local art, and even a standing-room-only section. Renovations would start in 2025 and wrap up in 2029.

“It’s really a community asset and it’s so important for the community,” Coleman told WSOC-TV reporter Joe Bruno. “We’re excited to be a part of that.”

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Source link : https://worldsoccertalk.com/news/charlotte-fc-owner-wants-650-million-for-renovation/

Author : Deolu Akingbade

Publish date : 2024-06-04 19:08:39

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