Charlotte City Council approves $800M renovation plan for Panthers' Bank of America Stadium

The Carolina Panthers will remain in Charlotte, N.C. for the foreseeable future.

On Monday night, the Charlotte City Council approved a joint stadium renovation plan with the Panthers worth $800 million. This agreement ensures the NFL team’s commitment to the city for the next 20 years.

The policy document stipulates that the city will contribute $650 million to the renovation of the Bank of America Stadium, provided that Panthers owner David Tepper keeps the team in Charlotte until 2045. The remaining $150 million will be paid up front by Tepper.

Tepper has already invested over $117 million in stadium upgrades and has also consented to an estimated $421 million in potential excess costs for capital improvements throughout the duration of the agreement.

The city’s investment would be financed through current hospitality and tourism tax resources. The state requires these resources to be allocated towards projects that bolster the city’s tourism economy.

The vote was approved with a 7-3 margin.

On Monday night, Tepper expressed his gratitude in a statement, thanking the city for their cooperation on the deal.

“For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC,” Tepper said. “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.”

Councilman Malcolm Graham admitted that due to the collapse of Tepper’s prior deals for a Panthers practice facility in Rock Hill, South Carolina, and a practice facility for his Major League Soccer team, Charlotte FC in Charlotte, some council members developed “trust issues” with him.

Graham voted in favor, stating “it is a forward-thinking initiative that aligns with Charlotte’s future.”

Councilmember Tiawana Brown cast a no vote due to the deal’s lack of transparency and Tepper’s reputation.

“Mr. Tepper may react unfavorably and potentially lash out at the city council, as he did last year when he threw a drink at a fan during an away game. That’s not the behavior you’d expect from someone requesting $650 million,” commented Brown.

The Panthers have struggled since Tepper purchased the team in 2018, compiling a 31-68 record while going through six head coaches. The Panthers finished a league-worst 2-15 last season, one year after drafting quarterback Bryce Young with the No. 1 pick.

Ultimately, the council did not want to take the chance of potentially losing the Panthers, despite Tepper not showing any signs of considering relocating the team to a different city.

Former Panthers running back Jonathan Stewart was among those who spoke in favor of the stadium renovations, telling the council, “embrace this opportunity to let the Queen City shine brighter even more so than it did in 2015,” when the team went to Super Bowl 50.

In 1996, the Panthers began playing at the Bank of America Stadium, which is now regarded as one of the league’s older stadiums.

Despite the Panthers claiming that the 72,000-seat stadium has a solid foundation and is maintaining fairly well, they admit it still requires significant renovations to match the standards of other league stadiums.

Three weeks ago, when the suggested partnership was made public, it faced opposition from some residents. These individuals think that Tepper – ranked as the second most affluent owner in the NFL with a net worth of approximately $20.6 billion by Forbes – should finance the entire upgrades.

It is anticipated that the stadium renovations will be completed by 2029.

The planned improvements include upgraded video and audio systems, modernized infrastructure, revamped concourses, special social areas with skyline views, and outdoor spaces for community events and programming.

The stadium’s bowl will undergo a renovation to install new seating. Furthermore, improvements will be made to enhance accessibility across the entire facility. These enhancements, carefully designed and constructed, aim to provide barrier-free access to individuals with a variety of disabilities.

Restrooms also will be upgraded.

The area of the South Lawn Pavilion would be redesigned as a place for community gatherings and open-air classes, on both game days and non-event days.

Copyright 2024 by The Associated Press