Panthers don't have a wear ring - What you are seeing is likely epoxy that a former owner put in to tighten it up. I just did mine with Devcon 1610 Aluminum putty - about $50 for the 1 pound package. Pretty involved job though.
i spent a ton of money trying to get my boat to have some more performance. i kept chasing it in the horse power. Then i decided to send my panther to tom at jet boat performance. Once he was done with it the boat was AWESOME... i regret not sending him the pump first and eliminating that from the equation.
I would recommend pulling the pump and sending it to JBP. it was the best money i have spent on the boat.
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