Charlotte businessman Felix Sabates, who has been working for months to pull together a local group to potentially buy the Carolina Panthers, says he now won’t be involved with any bids.
The Observer reported last month that Sabates, a long-time fixture on the Charlotte sports scene, was looking to partner with another bidder, rather than assemble his own group. Now he is dropping plans to invest in the NFL team at all.
“I have decided to withdraw from any potential investment,” Sabates, 72, told the Observer. “The price has become higher than I consider to be prudent. If any owner wants help, I will help them.”
Sabates first signaled interest in pursuing a bid in December, shortly after owner Jerry Richardson said he planned to sell the team he founded. Richardson announced his decision on the same day Sports Illustrated published a story outlining allegations of workplace misconduct against Richardson.
Sabates, who has long been involved in auto racing and is part of the Charlotte Hornets ownership group, has repeatedly said that he would only pursue a bid if it made business sense. He has also been vocal in saying that the team need’s a new domed stadium to become financially viable.
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