$5.7bn NFL team with one of oldest stadiums to undergo $800m arena renovation with timeline set

Charlotte City Council has committed $650 million in public money to keep the Carolina Panthers in town for the foreseeable future.

Bank of America Stadium, which hosts the NFL franchise and MLS team Charlotte FC, opened its doors in 1996, making it one of the oldest stadiums in football.

Major work is needed to get the arena up to modern standards and the 2024 financing agreement has officially been confirmed, with Tepper Sports & Entertainment providing another $150 million.

The group owns both teams and has committed another $400 million in future maintenance costs between 2030 and 2045.

Billionaire hedge fund manager David Tepper, who was fined $300,000 in 2024 after throwing a drink at a fan, has agreed a 20-year non-relocation clause.

Work will begin this year and is expected to take four years to complete.

The stadium will remain operational.

Modernization efforts will improve electrical and plumbing systems before adding new audio-visual technology, scoreboards, and lighting.

Concessions and seating will also be given an upgrade, with expanded concourses and a public plaza seeing a significant boost to infrastructure.

The design was completed by the architecture firm HOK, which was behind the original stadium decades ago.

As part of the process, the city insisted that 27% of construction work involved small businesses owned by minorities and women.

Forbes values the Panthers at $5.7 billion, some way off the league leading Dallas Cowboys ($13 billion).

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Stadium deal branded a disaster

With taxpayers footing most of the $800 million cost and many deeming revamp of the stadium as necessary, a watchdog slammed the deal made between Tepper and the city.

The Center For Economic Accountability declared the decision the Worst Economic Development Deal of the Year for 2024.

“This is an incredibly expensive stadium renovation project with very flimsy economic justifications, agreed to behind closed doors with a partner who deserves plenty of due diligence,” explained CEA President John C. Mozena.

“Despite those issues, Charlotte’s politicians rammed it through with as little public warning or input as possible, ignoring clear public opposition to both the substance and the process of the deal.

“To top it all off, they’re not even getting a good football team out of it.”

Panthers suprise playoff return

In better news, for the first time since 2017, the Panthers are back in the playoffs.

Despite his inconsistencies, Bryce Young is a large reason why the Panthers are in the postseason.

And while he’s been helped by having good offensive talent and an improved defense, the No.1 pick is close to unstoppable when he can avoid those costly turnovers.

Unfortunately for the Panthers, they play a strong Los Angeles Rams.

But there is reason for hope as they upset Los Angeles in Week 13.

The Rams were 9-2 going into that game at the Bank of America Stadium, while the Panthers were 6-6.

The hosts put on a superb display to force Matthew Stafford into two interceptions, including a pick-six.

That game would prove crucial in the Panthers’ eventually winning the NFC South title.

While for the Rams, it was the beginning of a slide that saw them from a potential No. 1 seed to a wild-card team.

History is also on their side of the Panthers, as they are 1-0 against them in the playoffs, having beaten the then St.Louis Rams in double overtime of the 2003 NFC divisional round.

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