The Carolina Panthers move to a new practice facility is going to net owner David Tepper a significant financial windfall.
A change in location for the Carolina Panthers’ practice center has resulted in owner David Tepper securing a substantial amount of financial benefits.
The man at the helm of the Panthers has reportedly already netted $160 million prior to acquiring the land in Rock Hill in a deal worth $16 million.
New records show this amount is going to increase to around $225 million in the coming months. South Carolina state has committed a large number of resources to ensure the Panthers switch from their current base.
Local government spending will cover elements such as site work, road construction and other fees relating to the vast project going forward.
The money will come from “redirected tax revenue”, according to York City Council chairman Michael Johnson.
After passing the first and second readings, the financial package is set for approval at a public hearing on April 20.
The practice facility was due to be completed by 2022, although that has now been put back to “no fixed date” due to the coronavirus pandemic. The first phase of the project will consist of team offices, training facilities, and a medical center.
The Panthers promised to bring a total of 150 employees to their new site, which equates to $190 million worth of payroll to Rock Hill. Tepper has also negotiated a separate agreement with Charlotte city government for a $110 million incentivized proposal that involves the implementation of an expansion team for Major League Soccer in the area.
This new franchise is set to be ready in time for the 2021 season and will play at Bank of America Stadium which will reduce crowd capacity to 38,000.
The Panthers will still play their home games in Charlotte. But they have huge plans for their new multi-million-dollar purchase going forward.
Reports suggest the franchise is looking to create an entertainment complex complete with hotels and restaurants, providing another major boost for the Rock Hill economy.