Panthers Owner David Tepper, Worth $20 Billion, Seeks $650 Million in Taxpayer Funds for Panthers Stadium Renovations Amid Team Struggles
When hedge fund mogul David Tepper acquired the Carolina Panthers from original owner Jerry Richardson in 2018, fans were optimistic about the future. However, the years since have been disappointing both on the field and in Tepper’s relationship with the fan base and the Charlotte community.
Now, Tepper is requesting taxpayer funding for extensive renovations to Bank of America Stadium, despite the team’s struggles. Specifically, Tepper is asking the city of Charlotte to cover $650 million of the $800 million renovation costs, with the promise of keeping the team in Charlotte for 20 years. This means taxpayers would shoulder nearly all of the renovation expenses.
This is our home. This is our future. Welcome to the Crown Jewel of the Queen City.
We are excited to unveil a first look at the proposed renovation of Bank of America Stadium.#KeepPounding pic.twitter.com/n1JfPUK0QA
— Carolina Panthers (@Panthers) June 3, 2024
While it’s not uncommon for public funds to be used for sports arenas and stadiums, Tepper’s request stands out given his considerable wealth—estimated at $20 billion—and the Panthers’ poor performance under his ownership. The team has yet to secure a winning record since Tepper took over, and his controversial involvement in drafting Bryce Young over CJ Stroud with the first overall pick in the 2023 NFL Draft has further compounded the franchise’s struggles. The Panthers ended up as the worst team in the NFL last season, with their first-round pick, which would have been first overall, traded away to the Bears.
Tepper Sports and Entertainment has unveiled a $800M proposal for upgrades to Bank of America Stadium in Charlotte.
• New seats
• Expanded team store
• Reimagined exterior pavilion
• New video boards, sound system
• $650M in public fundingA city vote is set for June 24th. pic.twitter.com/3kUI3YIrWx
— Front Office Sports (@FOS) June 3, 2024
Tepper’s interactions with fans and the local community have also been less than stellar, contributing to his unpopularity in Charlotte. Even if Tepper were more popular, taxpayers would likely oppose funding the renovations. For example, despite the Kansas City Chiefs’ back-to-back Super Bowl wins, local voters recently rejected funding for renovations to Arrowhead Stadium and a new stadium for the Kansas City Royals. Taxpayers simply do not want their money spent on such projects.
The decision on the stadium funding will not be made by voters directly but by the city council, which will vote on the proposal later this month. If the plan is approved, expect significant backlash against Tepper, who could easily finance the renovations himself.
