Panther's arena had net income of ~$90mm from 1998-2008
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12-10-2012, 03:18 PM
No Fun Shogun
Join Date: May 2011
Location: Shogunate of Nofunia
Originally Posted by
Except they don't have a lot of black ink elsewhere. They paid more than 100% of the arena profits back into the Panthers. The only question, was how profitable (or not) were the Panthers after this subsidy.
The only thing left, is maybe they made some money on real-estate development around the arena.
But, again, even if this is true, I don't think the county is making out very well on the arena deal.
I guess the only real question is what would the net gain/loss be for everyone (SSE and the County) if the arena was built without the Panthers - assuming that the arena is a net positive in 'community value' (but maybe a smaller cheaper arena could be built for the other events that the city has demand for).
First of all, Panthers ownership could care less if it's good for the county or not. None of their concern, nor do I think that the financial well-being of the city/county/state/province is high up in the minds of any sports owner that gets public monies for their arena construction and/or management.
Second, yes, it does include the local real estate development. They use the arena as a draw for other real estate development in the area and they wouldn't be able to do that unless they had the Panthers as a primary tenant there. So, they're losing money in the realm of professional sports to make money in real estate. As such, they're not looking to sell. If that weren't the case, and they were hemorrhaging money and not making it up elsewhere with the implicit need of having the team to make said money, they would've given the boot to the team years ago and accepted a cool hundred million+ from some Canadian market in a heartbeat.
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