There’s a smidge of new information on the city of Charlotte’s previously revealed plans to spend $100-200 million on renovations to the Carolina Panthers‘ stadium so that Panthers owner David Tepper can add an MLS expansion franchise that seems destined to be officially announced any day now: According to a November letter from Charlotte Mayor Vi Lyles to MLS commissioner Don Garber,
Our plans together include … Modifications to Bank of America Stadium to support MLS and provide a world-class fan experience … $110 million in hospitality funds set aside to help ensure a successful venture over the next many years
Lyles neglected to mention that she’ll need the Charlotte city council’s approval to spend $110 million in tax money, but then, that doesn’t seem like it’ll be an obstacle.
Still unexplained is what exactly Tepper needs $110 million in public money for — both in the sense of how he’ll spend it (the Panthers’ stadium is just 23 years old and freshly renovated with the help of previous rounds of tax money) and in the sense of If this billionaire hedge fund manager can afford to drop $300 million on an MLS expansion franchise, why can’t he foot the bill for $110 million in stadium upgrades as well? Which also raises the question of whether the $110 million is really just underwriting Tepper’s record-breaking MLS expansion fee, which would mean the city of Charlotte would be spending public dollars just to shore up the league’s none-dare-call-it-Ponzi model. Or, as Lyles puts it, being “a welcoming, diverse and inclusive community to the league’s 30th team.” Maybe “diverse” here means “not all large bills”?