CHARLOTTE CITY COUNCIL APPROVE $800 MILLION RENOVATION OF PANTHERS’ BANK OF AMERICA STADIUM
The Carolina Panthers’ $800 million stadium renovation proposal for the Bank of America Stadium was voted in favor of by the Charlotte City Council on Monday night, as first reported by The Charlotte Observer’s Alex Zietlow.
Charlotte City Council approved the sought-after $650 million in public money to help make improvements on the Bank of America Stadium on Monday, with the vote going 7-3 in favor of the renovation project. The project, which has been on a fast track since being revealed to the public three weeks ago, is now expected to start in 2026 following a 10-to-12 month design phase.
The stadium renovation plan ties the Panthers to the city of Charlotte for the next 20 years. As per the proposal, the city will fund 81.25% of the required $800 million, with Panthers’ owner David Tepper footing the remaining $150 million up front. Tepper has already invested more than $117 million in stadium upgrades since his acquisition of the franchise in 2018 and also agreed to another estimated $421 million in potential capital overages over the term of the deal.
“Today’s vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America Stadium,” said Tepper said in a statement released by the team. “Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city.”
“For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC. We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come.”
The city’s investment will be funded by existing hospitality and tourism tax resources, which are required by state law to be spent on projects to support the city’s tourism economy. The projects, per the city, can only include “maintenance for the Convention Center, venues that seat 60,000 people or more and amateur sports facilities.”
Following the announcement of the Panthers’ stadium renovation plan, owner David Tepper has recently come under criticism amongst the residents regarding his handling of the proposal and the quick turnaround the plan has had with the council, considering its announcement was only made to the public three weeks ago. Tepper is the NFL’s second-wealthiest owner with an estimated net worth of $20.6 billion, according to Forbes, and it’s widely believed that the hedge fund manager can afford and ought to pay for all the upgrades.
“The economic committee did not fulfill its responsibility to build in enough time during these long negotiation discussions for public or council input,” said council member Scott Bryan on Monday night. “I don’t know anybody in this chamber tonight who can dispute that.”
The Athletic’s Joe Person reported on Monday that council member Dimple Ajmera, who voted against the proposal, proposed an amendment authorizing the city manager and attorney to negotiate a deal with Tepper Sports & Entertainment and then come back to the council with the terms. Ajmera said she had received a copy of the term sheet “to read, but not to study” before concluding that she could not support handing over $650 million in public funds – the largest in Charlotte history – without all the facts.
“This process is totally lacking transparency,” said Ajmera. Other council members who voted against the deal included Tiawana Brown and Reneé Johnson.
“What we’ve done tonight is actually what Charlotte is all about,” said Charlotte Mayor Vi Lyles after the vote. “We know that we’re growing fast. We know that people are choosing our city… We’re going to have opportunities for people not only to come here to work, but [also] to be in a place where we are a regional magnet for entertainment and sports. I think that’s what the council found out.”
As outlined by Charlotte council member Malcolm Graham, talks of renovations of the Bank of America Stadium between the team and the city council began in January of 2023, and informal talks continued until November. The council then opened formal conversations in December which carried on all through the spring.
Graham said, however, that some council members had “trust issues” with David Tepper during the process because of the scrapped projects at Eastland Mall and Rock Hill. Tepper had plans to build a Panthers practice facility in Rock Hill, South Carolina, and a facility for Major League Soccer Charlotte FC at Eastland Mall but both deals eventually fell through as both sports teams chose other locations.
The Panthers opened play at Bank of America Stadium nearly 30 years ago, in 1996, and currently have one of the older stadiums in the league. The 72,000-seater is still serviceable but has been in need of some major upgrades to get it to the level of other stadiums around the league. With the prospect of hosting a Super Bowl over the next decade, renovations at the Bank of America Stadium were just too good to pass up.
Amongst the improvements slated for the stadium include upgraded video and audio systems, modernized infrastructure, an enhanced exterior, redesigned concourses, unique social areas with skyline views, and exterior spaces for community gatherings and programming. There will also be new seating installed throughout the bowl of the stadium, and improved accessibility designed for individuals with a range of disabilities.
The plan does not include adding a dome or a retractable roof, a feature that’s common for venues recently chosen to host major sports championships like the NCAA basketball Final Fours and the Super Bowl.
Other plans for the stadium include upgrading the restrooms and reimagining the south lawn pavilion area as a community gathering spot and an outdoor classroom on game days and nonevent days.
-Maher Abucheri
Twitter: @pabloikonyero
Photo: Precisionviews. This file is licensed under the Creative Commons Attribution-Share Alike 4.0 International license.