An MLS team playing at Bank of America stadium in its current state is a roadblock for an expansion bidGETTY IMAGES
NFL Panthers Owner David Tepper could ask the city of Charlotte for up to $215M toward Bank of America Stadium renovations and other costs "associated with acquiring" a new MLS franchise, according to a front-page piece by Morrill, Chemtob & Marks of the CHARLOTTE OBSERVER. Sources said that this is what city leaders told city council members in a "closed session" meeting on Monday. Council members were told that Tepper would contribute over $400M in "franchise fees, team salaries and other costs" associated with an MLS team. Sources said that the city would be asked for $100-215M, which would be used for "stadium upgrades as well as a practice center and team office." Perhaps the "most significant holdup in Charlotte's bid" for an MLS team is the "outdated nature of Bank of America Stadium," which opened in '96. MLS "prefers its teams to play in soccer-specific stadiums, but through a variety of high-profile soccer matches, Charlotte's expansion group has attempted to prove that the stadium can support a team as is" (CHARLOTTE OBSERVER, 9/25).
TIME IS OF THE ESSENCE: In Charlotte, Erik Spanberg cited a source as saying that Tepper's funding request "comes as part of a 90-day push to secure a stadium and practice headquarters for an MLS club so Tepper can close on his pursuit of an expansion club with league executives." Tepper anticipates paying an expansion fee of $250-325M for the team -- "well above" the $200M entry fee to be paid by St. Louis. A source said that the stadium upgrades and team HQ would "represent the sum of the city's investment unless and until Tepper begins discussions on a retractable-roof domed stadium." Tepper "wants to move fast." A source said that the current city council has been "asked to decide on whether to move ahead with MLS, meaning a vote would have to be taken before the swearing-in of the newly elected council on Dec. 2" (BIZJOURNALS.com, 9/24).
