The Panthers' Bank of America Stadium is one of the oldest venues in the NFL, and a new ownership group "might want a more lavish stadium with a retractable roof, which would allow the city to host" the Final Four and Super Bowl, according to a front-page piece by Harrison, Morrill & Portillo of the CHARLOTTE OBSERVER. With Panthers Owner Jerry Richardson selling the team following the season, SportsCorp President Marc Ganis said that the new owners and the city will have to decide whether Charlotte "wants a stadium that would allow the city to host large conventions and other championship games." That has been the strategy of Indianapolis, Atlanta and Dallas, which have $1B stadiums that are "indoors or have retractable roofs." Ganis: "There is no reason that Charlotte with its location and great weather couldn’t be a major event and convention location. It just lacks that facility." Harrison, Morrill & Portillo note there are some options as to how a "new ownership group might approach Bank of America Stadium." They could "keep the stadium, but seek more publicly funded improvements." Former Deputy City Manager Ron Kimble has told council members that the city’s tourism taxes "can’t cover the city’s share" of a $1B stadium. That share could be $300-500M. One Republican lawmaker said that the state "would be reluctant to contribute financially if the next owner wanted a new stadium" (CHARLOTTE OBSERVER, 12/20). Charlotte Mayor Vi Lyles yesterday said she is "completely motivated'' to keep the Panthers in Charlotte. Charlotte City Council member James Mitchell, the Chair of the new economic development committee charged with working with the Panthers, said, "The role I'd like our committee to play is to make sure we work with the new owner and make sure he or she knows how valuable the Panthers are to the city of Charlotte" (ESPN.com, 12/19).
DEEP POCKETS: ESPN.com's Darren Rovell noted there is an "anticipation" surrounding the Panthers sale because NFL teams "hit the market so rarely." It will be an "opportunity for the league to set a new benchmark for the value of its teams." The Panthers' lease on their stadium "expires in two seasons." There have been "no talks that the franchise could move, but it could lead to a new owner paying more if the city will help build a new facility." It is "likely the Panthers will sell" for north of $2.5B. Add in the cash the Panthers have "banked over the years and Richardson will likely walk away with a tidy profit" of more than $3B over his initial investment (ESPN.com, 12/19). In DC, Liz Clarke writes the pool of buyers for an NFL team valued that high is small and "smaller still is the pool of buyers who would commit to keeping the team in Charlotte." Few NFL teams are as "closely identified with one man as the Panthers are with Richardson." When Richardson founded the Panthers in '93, a "decades' old envy of Atlanta seemed to evaporate," as Charlotte had "become a major league city." Clarke: "Will Richardson sell to an existing business partner committed to keeping the team in Charlotte? Can he find a deep-pocketed new investor willing to do the same? Or will the top suitor prefer to shed Bank of America Stadium and move elsewhere?" (WASHINGTON POST, 12/20). NFL.com's Judy Battista noted the NFL wants a majority owner to "have 30% equity," so with a price north of $2B, a new owner would be "writing a check" for $600M. Battista: "There are debt limits, you can't finance all of this" ("Inside the NFL," Showtime, 12/19).
LEGACY LOST? In Charlotte, Keith Larson writes under the header, "The Big Cat Is Gone -- Quietly." Richardson's legacy "took decades to build but only a weekend to come crashing down." Richardson decided in a "span of hours to sell the team rather than do the one thing he has never been willing to do for anyone: Answer questions" (CHARLOTTE OBSERVER, 12/20). Charlotte Observer sports columnist Scott Fowler, asked if he thought Richardson would ever address the allegations against him, said, "No, at least not in a Q&A format (like) this. He would not do that. I think he would be advised not to do that by many people." He added, "At some point he’ll say something, either apologize or defend himself. ... If you want to control the narrative a little bit about your legacy, you have to say something if you’re Jerry Richardson" (CHARLOTTEFIVE.com, 12/20). The MMQB's Andrew Brandt said, "I have seen Jerry Richardson in league meetings for 10 years. He had, it seems odd saying it now, but kind of a regal presence. He was very respected among his fellow owners." He added, "This is someone admired, respected, and even revered by other owners and the commissioner for all these years, and now in this incredibly swift descent, the team’s for sale." NPR's Stefan Fatsis said, "At the same time, it’s also possible that other owners and even Roger Goodell didn’t know the way that Richardson was operating the Panthers franchise." He added, "Does the word cover-up enter the conversation? What did the NFL know? When did it know it?" (SLATE.com, 12/19).
CAN'T STOP, WON'T STOP: YAHOO SPORTS' Charles Robinson cited sources as saying that Sean "Diddy" Combs is "serious about making a push" to buy the Panthers. The rapper is "moving to set meetings with potential investors in hopes of shaping a prospective ownership group" (SPORTS.YAHOO.com, 12/19). USA TODAY's Jarrett Bell writes under the header, "Panthers' Mess Creates Historic Chance." There could be a possibility for the NFL's "first African-American owner." Vikings COO Kevin Warren, who is the highest-ranking black exec working on the business side of an NFL team and the league's first black COO, said, "You think about the positive impact the NFL has had in business and society as a whole, and having the first African-American general partner would be incredible" (USA TODAY, 12/20). In DC, Jerry Brewer writes if the NFL is wise, it will "use this embarrassment as an opportunity to take a long look at itself." This is a "good time to be proactive and serious about improving the diversity among NFL owners." The NFL "needs a fresh face, fresh voice and fresh perspective" (WASHINGTON POST, 12/20). NFL.com's Battista said NFL owners ultimately would "love to have more diversity on the ownership ranks." They likely are "thrilled" that Bills co-Owner Kim Pegula is "as active an owner as she is." Giants WR Brandon Marshall said it would "go a long way and probably galvanize our league and our players if the NFL took a pro-active approach to bringing in more diversity” (“Inside the NFL,” Showtime, 12/19).
OLD SCHOOL, MEET NEW SCHOOL: In Ft. Worth, Mac Engel writes Richardson, based on the allegations, sounds "like a dirty old man from a different era, who simply had no clue." Or he has "so much money he doesn’t care." Either way, he "cared enough to avoid any NFL investigation and now intends to sell the team." So while Cowboys Owner Jerry Jones is "sad his friend Jerry Richardson is selling his team, it was only a matter of time before the consequences of 'old school workplace norms' were felt in the sports world." Engel: "The only surprise is that it took this long" (FT. WORTH STAR-TELEGRAM, 12/20).
