$5.7bn NFL team gets approval for $650m stadium renovation plan with additional investments until 2039

Major renovations are coming to one of the NFL’s oldest stadiums.

Bank of America Stadium, home of the Carolina Panthers and Charlotte FC of Major League Soccer, was built in 1996 and has recently started hosting major events.

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To meet the increase in use of the venue, Charlotte City Council members voted 7-3 in favour of supplying $650 million to renovate the stadium.

The NFL stadium has been owned and operated by Tepper Sports and Entertainment since 2018, and it hosts 40 major events, along with 80-100 corporate events annually.

What does city council vote mean for Bank of America Stadium?

In partnership with the city, the project seeks to enhance the venue, enabling the city, as well as North Carolina and South Carolina, to continue competing for premier events and drive economic growth.

There had been previous questions over whether the agreement should be finalised.

Some opposed to the city spending money pointed to Panthers owner David Tepper’s track record and franchise management.

Regardless, the state’s Local Government Commission approved the financing plan on Wednesday, April 1.

Tepper Sports and Entertainment, which owns both teams, will contribute an initial $150 million on top of the public funding, taking the total to $800 million. 

Additional investments are planned over the next 13 years, through to 2039. 

The agreement also requires the Panthers and Charlotte FC to stay in the Queen City for the next two decades, and provide more opportunities for events.

Improvements scheduled to be made include more accessible seating, and bigger, better screens — but Tepper’s goal to build a retractable roof was stifled.

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Renovations to the 30-year-old stadium are set to begin in 2026, and should be completed by 2029.

David Tepper hails ‘collaboration’ over Panthers stadium 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,” Tepper said in a statement, via Spectrum News 1.

“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.”

To provide further oversight of the public funds, the State’s Auditor Office will work collaboratively with the city and Tepper Sports & Entertainment to provide additional transparency and accountability on the project.

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“This is an important project for Charlotte. With $650 million being spent in public funds, it is incumbent on the North Carolina State Auditor’s Office to provide regular financial oversight updates on the Bank of America Stadium upgrades,” said State Auditor Dave Boliek. 

“Through this innovative effort, and as the fiscal watchdog of the State, our office will bring transparency and accountability to the people of Charlotte on how the public’s money is being spent.”

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