Major renovations planned for Bank of America Stadium in Charlotte
Writer: Eleana Teran
June 2024 — Bank of America Stadium, a cornerstone of Charlotte’s sports and entertainment scene, is poised for a significant transformation. Tepper Sports & Entertainment (TSE) and the City of Charlotte have proposed an $800 million renovation plan aimed at modernizing the nearly 30-year-old stadium. This initiative seeks to ensure the stadium remains viable for at least the next 20 years, but its significant cost has sparked further discussion within the community.
Earlier this week, the renovation plan, which includes a variety of upgrades to enhance the fan and player experience, was unveiled.
“While Bank of America Stadium has solid infrastructure, investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community,” said Kristi Coleman, Carolina Panthers team president, in a press release.
Key improvements involve new seating, a south lawn pavilion for gatherings and community use, upgraded video and audio systems, improved accessibility, and modernized infrastructure. Other notable enhancements include revamped bathrooms, redesigned concourses, and advanced safety and security measures such as better lighting.
The financing structure of the project has gathered significant attention. TSE is asking for $650 million in taxpayer money, which would come from the city’s hospitality and tourism tax, a fund that legally must be used on projects generating tourism revenue. TSE would contribute $150 million and has committed to a total investment of over $421 million throughout the life of the 20-year non-relocation agreement with the city.
David Tepper, who acquired the Panthers in 2018 for $2.275 billion, has already invested significantly in the team and the stadium. His financial commitments include a $325 million expansion fee to bring Major League Soccer to Charlotte and $50 million for stadium renovation ahead of Charlotte FC’s debut season in 2022.
The proposed renovation has prompted a range of reactions from the community. While some residents are enthusiastic about the project and its potential to drive economic growth, others are skeptical about the use of taxpayer money for the project. In the Panthers press release, the city’s investment does not require any new or increased taxes.
The renovation is expected to have a significant economic impact on the region. The stadium currently hosts nearly 40 ticketed events each year, drawing visitors from across the region and beyond. In 2023 alone, stadium events generated $1.1 billion in economic impact for the city. Additionally, it is projected to provide substantial benefits through a minority-owned and small business enterprises strategy that aligns with the Charlotte Business Inclusion program.
The Charlotte City Council is scheduled to vote on the stadium renovations plan on June 24. If approved, construction would begin in 2025 and is expected to be completed by 2029, with neither the Panthers nor Charlotte FC needing to relocate during the renovation period. The city is currently seeking public feedback on the Bank of America Stadium upgrades proposal on its official website.
This project is part of a broader trend of stadium renovations and new constructions across the country, reflecting an ongoing investment in sports and entertainment infrastructure. For instance, Nashville’s Metro Council recently approved using $760 million in local taxpayer funds for a new $2.1 billion Titans stadium.
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