Tennessee Titans join Buffalo Bills in landing state funds for stadium. Could Carolina Panthers be next?

Charlotte Business Journal ^ | Oct 17, 2022 | Erik Spanberg

[MinorityRepublican]

With news today of the Tennessee Titans nearing a deal to build a $2.2 billion domed stadium, there are now two examples of NFL franchises securing hefty subsidies from state government as well as local taxpayers to build new football palaces. That prompts a logical question about the Carolina Panthers’ ongoing deliberations on a large-scale renovation or replacement of Bank of America Stadium: Will David Tepper’s team seek similar state funding — and would lawmakers be open to the idea?

“I do think Nashville is something we are going to see a lot of cities try,” J.C. Bradbury, a sports economist at Kennesaw State University, told CBJ. “Simply, when you look at the cycle of how stadiums tend to be rebuilt — teams like to replace stadiums after about 30 years, and there are going to be a lot more of these.”

Earlier this year, the state of New York committed $600 million to help pay for a new stadium for the Buffalo Bills. Including $250 million from local government, taxpayers will pay more than half the tab of $1.4 billion.

Bank of America Stadium opened in 1996. Construction costs were $248 million, or $469 million adjusted for inflation. The stadium was privately financed, with the largest source of funding generated by one-time season-ticket fees paid by fans. The only public money was a combined $60 million — $113.5 million today — from state and local government for site improvements and related infrastructure.

Tepper Sports & Entertainment, the Tepper entity that owns the NFL Panthers and Major League Soccer team Charlotte FC, also owns BofA Stadium. Tepper paid a then-record $2.275 billion in 2018 for the Panthers and the stadium. In 2019, he paid a record MLS entry fee of $325 million for Charlotte FC.

[MinorityRepublican]

The cost would be funded initially by $25 million up front from Nashville SC owner John Ingram and a $225 million bond issuance from the city, with another $40 million in Nashville Fairgrounds renovation.