David Tepper’s promises to Charlotte: Those he kept and those left unfulfilled

David Tepper’s purchase of the Carolina Panthers in 2018 ushered in a new Charlotte sports era, one that has seen the addition of a Major League Soccer team and venue upgrades at Bank of America Stadium.

But Tepper — a hedge fund billionaire and founder of Appaloosa Management — has also been embroiled with tumultuous public-private projects, including a failed Panthers headquarters in Rock Hill, South Carolina, and what appears to be an unfulfilled Charlotte FC presence at the former Eastland Mall site.

Below is a timeline of Tepper’s major projects and his tenure as a team owner in Charlotte.

July 2018 — A “new era” and new owner for Charlotte sports

Tepper purchased the Carolina Panthers for an NFL record $2.275 billion from team founder and former owner Jerry Richardson, who announced his intent to sell the team in the wake of a report by Sports Illustrated that revealed allegations of workplace misconduct. The allegations prompted a league investigation into Richardson’s behavior and subsequent $2.75 million fine.

Tepper, who previously owned a minority stake in his hometown Pittsburgh Steelers, sold his Steelers shares to complete his purchase of the Panthers. He signed a definitive agreement to purchase the Panthers in May 2018 and received approval from the NFL owners. The close of the sale was announced the following month and included a statement from Tepper that described his arrival as a “new era of Carolina Panthers football.”

“The past is the past. The future will be that,” Tepper told ESPN in reference to the investigation into Richardson.

Tepper also emphasized on-field performance of the team that was then led by head coach Ron Rivera, now head coach of the Washington Commanders.

“The first thing I care about is winning. The second thing I care about is winning. The third thing I care about is?” Tepper told ESPN at the time.

In an interview about Rivera’s departure in December 2019, Tepper said that he made “vast and sweeping changes” to the business side of the Panthers organization, but that he wanted to exhibit patience on the football side.

Rivera was fired after nearly nine seasons as head coach of the Panthers and a career record of 79-67-1 at the organization. The Panthers have posted a losing record the past four seasons, including in 2018 and ‘19 under Rivera. The team is 10-23 under head coach Matt Rhule, who was hired in January 2020.

Summer 2018 — Tepper on stadium upgrades, MLS

The topic of team facilities has shadowed Tepper’s ownership tenure in Charlotte. He expressed an early interest in building a new Panthers practice facility separate from those adjacent to Bank of America Stadium, where the team currently plays. Tepper was also forthright about his desire to renovate the roughly 75,000-seat stadium for entertainment and sporting events besides football, and hinted at his intent to bring a Major League Soccer team to the city.

“ ... (If) I make an investment in MLS and I bring that in here, I bring that many more dollars into the community. That’s business in the community and that’s more tax dollars generated,” Tepper said in 2018.

Others, including the ownership group of the USL’s Charlotte Independence and Speedway Motorsports CEO Marcus Smith, attempted to organize prior bids to bring MLS to Charlotte, but their efforts were unsuccessful. Instead, Tom Glick, a professional soccer executive who Tepper hired in 2018, helped land Charlotte’s bid after a series of meetings with league officials in 2019. A key part of the bid was a promise to enhance the now-26-year-old Bank of America Stadium with soccer-specific renovations. The venue had previously hosted large crowds for soccer events, including CONCACAF Gold Cup matches that drew nearly 60,000 fans and International Champions Cup games.

December 2019 — Charlotte awarded MLS bid, COVID delays debut

Charlotte was awarded a Major League Soccer expansion team in December 2019, with Tepper paying a reported record expansion fee in the range of $300-$325 million. The city also promised to set aside $110 million in tourism taxes to help secure the bid, and suggested that those funds be “split among Bank of America Stadium upgrades, construction of MLS headquarters and practice facilities on the former Eastland Mall site, and development of an entertainment district linking uptown and the Gateway District,” The Charlotte Observer reported.

In January 2020, a series of renovations began at the stadium to enhance the entertainment and event experience, including for soccer, but details on the planned upgrades were limited at the time.

The former Eastland Mall site was originally set to serve as the soccer team’s headquarters, with the MLS team, called Charlotte FC, expected to begin play in 2021. But that part of the deal was scrapped when Charlotte FC’s inaugural season was delayed to 2022 due to the COVID-19 pandemic. Despite the change, the team’s youth academy headquarters were still set to have a presence at the former Eastland Mall location.

July 2020 – Rock Hill facility construction underway

While Charlotte FC built out its staffing and roster, construction was underway on a massive long-term project in Rock Hill, South Carolina, for the Panthers’ headquarters and team facility. The plans included a 640,000-square-foot practice facility and a more than 110,000-square-foot sports and entertainment venue, with the Phase 1 team facilities expected to open in 2023. A 36-month timeline was given for the whole project to be completed. State lawmakers offered roughly $115 million in tax breaks for the Panthers’ HQ move while the team continued to practice at its Charlotte facilities, which featured the addition of a large climate-controlled “bubble.” That project was prompted by Tepper and opened in August 2019 to offer the team an indoor training venue during inclement weather. It was intended to be a temporary solution until the Rock Hill site opened.

April 2021 — Changes at Bank of America Stadium

Plans were unveiled last year for $50 million worth of enhancements at Bank of America Stadium to outfit the venue with soccer-friendly upgrades by February, in time for Charlotte FC’s home debut. The upgrades included adding a center tunnel, new home locker room for Charlotte FC, broadcast camera locations for soccer television angles and two food and beverage bar areas in a main concourse area, among other renovations for improved visitor experience.

Panthers Chief Operations Officer Mark Hart, who was a key figure in the Panthers Rock Hill project, helped oversee the B of A Stadium renovations. Hart previously told The Observer that Tepper’s group covered slightly more than half of the $50 million, with the rest coming from Charlotte City Council-approved funding, in what was another example of the private-public partnerships Tepper cultivated. Tepper Sports & Entertainment said ultimately, the group did not accept the public dollars the council approved, and has instead privately financed all of its own facility upgrades and additions.

Shortly after the renovation renderings were unveiled, Tepper’s group also announced that the stadium’s field would be converted from natural grass to artificial turf by the summer due to an increase in planned events.

“With two major professional sports franchises using Bank of America Stadium, and more events upcoming, having a natural grass surface is going to be a heavy lift,” Hart said in a statement at the time of the announcement. “We believe a synthetic surface provides the best solution.”

Since then, according to Tepper Sports & Entertainment, the number of events at the stadium has doubled, and in 2022, the stadium will host 39 events, compared to just 10 the year the facility opened in 1996. Those events, according to nonprofit Charlotte Center City Partners, are drawing hundreds of thousands of people to the uptown district. According to Charlotte Center City, from July 15-20, 2022, more than 135,000 people accounted for more than 500,000 “visits” to uptown for two Garth Brooks concerts and a soccer match featuring Chelsea FC.

February 2022 — Charlotte FC debuts

After its debut was delayed a year due to the pandemic, Charlotte FC played its inaugural home match in Charlotte in front of an MLS record-setting crowd of 74,479 fans. With the stadium renovations debuting, and despite earlier criticism from fans regarding high season-ticket prices, the Charlotte FC game atmosphere was widely praised. The team’s inaugural head coach Miguel Angel Ramirez, who was hired in July 2021, led the team to a 5-8-1 MLS record before he was dismissed midseason.

Less than a month before the start of the season, Glick, now president of business at Chelsea FC, stepped down from his role at Tepper Sports with limited explanation. A set of executive leadership changes at the Tepper Sports organization were simultaneously announced.

April 2022 — Panthers’ Rock Hill deal “dead”

In a dramatic twist, the Panthers terminated their contract with the city of Rock Hill over the construction of their headquarters and team facilities, saying that the city failed to provide funding for public parts of the project. The shift in direction soured the relationship between the Panthers and the city, with Rock Hill Mayor John Gettys calling the Panthers’ statements “misleading and erroneous.” While both sides said that they were willing to work together to move forward, a source previously told The Observer that the deal was firmly “dead” despite the $170 million of steel already in the ground.

The idle site is now the subject of ongoing legal battles, including a lawsuit filed by York County. GT Real Estate, the Tepper-owned company created for the project, has filed for bankruptcy and the site’s future remains uncertain.

July 2022 — Tepper pulls out of Eastland Mall project

As the Panthers disentangled from Rock Hill, another Tepper Sports project at the former Eastland Mall site appeared stalled. Tepper Sports confirmed a report by Axios this month that it will not have a presence at the site despite its prior plans to build Charlotte FC’s academy headquarters there. Tepper Sports said that the company would continue to work toward a training facility for Charlotte FC, its academy and its MLS Next Pro team, but details on those plans have not been announced.

Meanwhile, Charlotte FC is 3-4-1 in MLS under interim head coach Christian Lattanzio, who took over upon Ramirez’s dismissal in May, and the team recently achieved an upset victory over Chelsea FC.

On the executive side, personnel turnover continues to plague Tepper Sports. Three months after Glick’s departure, former Charlotte FC president and Tepper Sports CEO Nick Kelly stepped down with limited explanation. Hart resigned on Monday, July 18.

This story was originally published August 3, 2022 at 6:00 AM.

Alexandra Andrejev

The Charlotte Observer

NASCAR and Charlotte FC beat reporter Alex Andrejev joined The Observer in January 2020 following an internship at The Washington Post. She is a two-time APSE award winner for her NASCAR beat coverage and National Motorsports Press Association award winner. She is the host of McClatchy’s podcast “Payback” about women’s soccer. Support my work with a digital subscription