CHARLOTTE, N.C. — Charlotte Hornets minority owner Felix Sabates told Channel 9 Monday that he's pulling out of any plan to bid on the Carolina Panthers.
Sabates first said in December that he was looking into the idea.
But after crunching the numbers, Sabates said the purchase price has gotten so high that at his age he won't be in business long enough to recoup his investment as the value of the franchise appreciates.
"I'm 72 years old and I had a number in mind that I would be willing to participate, but when that number blew right by me, I got to thinking, I have no chance, short term in my life, to get much of a return," he explained.
Sabates has plenty of experience with professional sports in the Queen City. He brought the first pro soccer team here in 1981, has owned the Checkers twice, and is still invested in the Hornets.
He says he would've added pro football to that impressive list if he was younger.
"If I was 60 years old or 55 years old, I would be jumping all over it because I think long term, this is a tremendous investment," he said.
Current Panthers owner Jerry Richardson said he'd sell the team at the end of last season after it was announced that he was being investigated for allegations of workplace misconduct.
[Panthers owner Jerry Richardson to sell team at end of season]
In the last few weeks, prospective bidders have visited Charlotte to tour Bank of America stadium.
The New York Times reports David Tepper will not increase his offer to meet the current asking price of $2.5 billion. That would leave Ben Navarro, who owns Sherman Financial Group, an investment firm; and Alan Kestenbaum, the chief executive of Bedrock Industries, which owns and operates metal and mining companies, as the main contenders.
Sabates said he is confident that the next owner will not move the team from Charlotte.
"Whoever buys this team, if they think about moving them, they have to have their head examined. This is a great market," he offered.
Wake Forest sports economist Todd McFall told Eyewitness News anchor Liz Foster if the sale doesn't hit $2.5 billion, which he believes is a fair asking price, it could be a signal the NFL is declining in popularity, following lower ratings and game attendance.
"It could also send the signal that maybe these potential owners aren't getting the kind of deals they thought they could get from Charlotte, about a new stadium or parking," McFall said.
McFall believes current team owner Jerry Richardson will still take the highest bid, which is almost certain to shatter records for all professional sports.
With the bidding pool narrowing, McFall added it's not too late for another person to throw in an offer.
"It might be a situation where someone sees this as an opportunity to get a deal," he said.
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