Monday, March 11, 2013

Carolina NFL Team Reportedly Made $100 million Over the Last Two Years – Wants Huge Public Subsidy to Improve Football Stadium

Team Disputes Report – Says It Made only $65 million Pre-Tax Cash Flow - AAH Poor Babies

In North Carolina the Republicans have taken over control of the state and are busy slashing unemployment benefits and denying Medicaid coverage to low income people, coverage paid for by the Federal government.  But one area where spending is requested is not receiving an angry rejection.

Bank of America Stadium, which opened in 1996, was mostly funded by majority owner Jerry Richardson and fans who bought Permanent Seat Licenses.
In January, the team asked the Charlotte City Council for $125 million to help pay for stadium renovations, which would include new escalators, video boards and improvements to clubs and suites. The city was also asked to contribute roughly $19 million over 15 years to help pay for stadium maintenance and traffic control.

The team has asked the state to contribute $62.5 million.

The report that the team made $100 million in net income is disputed by the welfare queen wannabees.

The Panthers, in a statement issued Thursday night, said the team’s profitability is much lower. 

The team said its cash flow – before taxes – for those two seasons was $66.5 million.
The team said the figures are an “isolated snapshot ... during an unusual time as the NFL lockout loomed.”

Okay, these were not normal times.  Usually the team probably made a lot more money.  Of course that should not disqualify the team from getting public welfare, and now that North Carolina is cutting benefits for the low income, for the unemployed and for everyone else who is not an NFL team owner the state should have plenty of funds to give away to multi-millionaires, or as they are know in regular parlance, Friends of Romney.

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