What the Carolina Panthers’ record $2B sale means for local real estate

Hedge fund manager David Tepper bought the NFL team last week

New York Weekend Edition /
May.May 20, 2018 04:00 PM

From back: Carolina Panthers’ home stadium in Charlotte, David Tepper. (Credit from back: Paul Brennan; Appaloosa Management)

Billionaire David Tepper’s purchase of the Carolina Panthers is a record-breaking deal for the NFL, but the new ownership, which won’t be official until July, is already ruffling local feathers.

The team’s previous owner, Jerry Richardson, had a deal with the city of Charlotte that the local government would contribute $75 million to renovating the Panthers’ stadium so long as the team stayed in the city past 2023, but now lawmakers are wondering whether Tepper will hit them up for more cash–or even move the team, according to the Charlotte Observer.

The Observer reports that in anticipation, lawmakers are considering how much cash they could scrape together if they cancelled most capital projects until 2023. Ultimately, the city found $60.5 million that it could redirect over five years to the stadium if necessary. Locals residents, however, may balk at the idea of scrapping public projects that were in the pipeline, such as the new recreation and convention centers, should the billionaire would demand government funds for the stadium.

Tepper is remembered in New York real estate history for his $43.5 million purchase of Joanne Corzine’s Sagaponack estate in 2010 — it was one of the most expensive sales of the year. [Charlotte Observer]Erin Hudson


Related Articles

arrow_forward_ios
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
The person behind the prank website is still anonymous. (Getty)
Phony website falsely claims REBNY cancels rent
Phony website falsely claims REBNY cancels rent
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)
Here’s what tenants are paying at ELO’s Diamond District properties
Here’s what tenants are paying at ELO’s Diamond District properties
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...