A little more skepticism, a little less salesmanship on Panthers stadium deal, please | Opinion

After much speculation about the future of Bank of America Stadium, a potential price tag has finally surfaced: $650 million in public funding for stadium renovations.

Tepper Sports & Entertainment — the corporate arm of billionaire owner David Tepper — and city staff put forth a plan to Charlotte City Council Monday that would “modernize” the stadium and ensure Charlotte remains the home of the Carolina Panthers and Charlotte FC for at least the next 20 years.

The plan is a nearly $1 billion renovation that would include upgraded seating, exterior improvements, safety and security upgrades and modernized infrastructure. The city would provide approximately half of the funding, while Tepper and his company would provide the remaining funds. Tepper’s portion would include the $117 million he has already invested in stadium improvements since purchasing the team in 2018, bringing the project total to $1.3 billion.

It’s likely the “biggest project we have ever funded in the history of Charlotte,” council member James “Smuggie” Mitchell said at Monday’s meeting.

It certainly represents an exciting opportunity for the city. Keeping the Panthers and Charlotte FC in town is crucial for a number of reasons — economic ones, of course, but professional sports teams provide significant cultural value to the community. The project will not require any new or increased taxes, either. The city’s entire contribution will come from hospitality tax revenue, using the existing 1% food and beverage tax that was just extended last year. That revenue is legally required to be spent on tourism-related projects like this one, so the $650 million couldn’t be used for, say, affordable housing instead.

What’s a bit unsettling, though, is that the project already feels like a done deal. Yes, this is an inevitable part of having a professional sports team in our city, and the continuing need for public investment in such a project came with the Panthers’ arrival in Charlotte long ago. Stadiums need to be upgraded, and since cities share the benefits, owners are going to ask them to also share the costs.

But a plan of this magnitude should come with careful stewardship of public dollars, particularly when it involves a notoriously unreliable partner. Tepper has a rocky recent history with public-private partnerships, including the failed $800 million practice facility in Rock Hill and the Eastland Mall redevelopment plan that never came to fruition. That doesn’t exactly inspire public confidence in a deal that involves more than half a billion taxpayer dollars.

It’s understandable that taxpayers might balk at the idea of giving that much money to a team that hasn’t had a winning season in years, and particularly to an already-wealthy owner whose ownership has been marred by disappointment off the field, too.

Some may object to the high price tag on merely renovating what already is one of the oldest stadiums in the NFL, even if it is a significant renovation. It’s not as much as the $850 million in taxpayer dollars for the Buffalo Bills or the $1.2 billion public subsidy for the Tennessee Titans, but both of those will fund new stadiums rather than upgrading existing ones. The upgrade also will not include a retractable roof, an addition that could have increased the number of events the stadium could host.

City leaders seem to be moving quickly to get this deal done — the plan could very well be voted on before the end of the month. But council members shouldn’t sacrifice skepticism for speed, and they should be more mindful that they are dealing with a reluctant public. It’s certainly a tricky seam — persuading the public that the Panthers are worth the investment but being strong stewards of our public dollars. We’d like to see a little more of the latter.

Charlotte might need the Panthers, but the Panthers need Charlotte, too. The council must ensure that this deal has significant protections for the city’s investment. Does it ensure that Charlotte won’t be left in the cold with a half-renovated stadium? Does it obligate David Tepper to keep the promises he’s making? The council shouldn’t give its support to the plan unless the answer is a clear and resounding yes.