CHARLOTTE, N.C. — The Carolina Panthers’ stadium will be getting a significant upgrade in time for its 30th birthday.
Charlotte city council approved $800 million in renovations for Bank of America Stadium on Monday night, a 20-year agreement bolstered by $650 million in public funds. The vote came just three weeks after the stadium plan was initially unveiled. The public money for the improvements will come from hospitality tax funds, which must be earmarked for tourism-related projects.
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The renovations will feature a state-of-the-art sound system, scoreboards and LED boards, updated bathrooms, faster escalators and new seats throughout the stadium. There are also plans to create gathering spaces outside the stadium and turn a section of the upper deck into a “social patio” with views of Charlotte’s skyline.
Construction is slated to start in 2026 following a 10- to 12-month design phase, according to a team official. The renovations are expected to be completed by 2029.
Council approved the public expenditure by a 7-3 vote following a lengthy discussion during a meeting that lasted nearly three-and-a-half hours.
While several council members mentioned the economic impact of the stadium and the team, others questioned the rushed nature of the process and whether the city should be in business with Panthers owner David Tepper. Tepper, a hedge fund manager worth an estimated $20.6 billion, has backed out of previous partnerships, including a deal to build a massive team headquarters and practice facility in Rock Hill, S.C.
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Council member Malcolm Graham conceded some council members had “trust issues” with Tepper during the process because of the scrapped projects in Rock Hill and at the Eastland Mall, which Tepper Sports & Entertainment planned to redevelop as Charlotte FC’s headquarters.
“It sounds good until we get Mr. Tepper angry again and then he might throw something at city council,” council member Tiawana Brown said, referencing Tepper’s drink-tossing incident at Jacksonville last season. “The behavior of someone asking for $650 million is ridiculous.”
Council member Dimple Ajmera said the process was “totally lacking transparency,” noting she had not been given appropriate time to study the terms of the deal.
Graham said informal talks with the Panthers took place over 10 months in 2023 before formal talks began last December in a closed executive session.
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“I think we’ve had public discussion for more than three weeks,” Charlotte mayor Vi Lyles said after the vote. “Basically, we’ve had closed sessions — I know that that’s not an open area. But it’s something that we’ve actually known about and known that we were gonna have to address the issue.”
After buying the team in 2018, Tepper talked about adding a dome or retractable roof in order to host a Super Bowl or Final Four at BoA Stadium, the Panthers’ home since 1996. But Tepper said the COVID-19 pandemic gave him more of an appreciation for the open-air stadium.
The stadium agreement includes a tether tying the Panthers and Charlotte FC, the MLS team owned by Tepper, to the city for the next 15 years. There’s a soft tether over the remaining five years requiring TS&E to pay off the outstanding debt if Tepper moves either team out of Charlotte.
This is our home. This is our future. Welcome to the Crown Jewel of the Queen City. We are excited to unveil a first look at the proposed renovation of Bank of America Stadium. pic.twitter.com/PcCBeo9IMg
— Bank of America Stadium (@BofAstadium) June 3, 2024
During the public forum preceding the vote, former Panthers running back Jonathan Stewart referenced the team’s most recent Super Bowl season in encouraging the council to support the project.
“I know firsthand the Panthers unite people from all walks of life. … The fans deserve this and the community also deserves this,” Stewart said. “Let’s embrace this opportunity to let the Queen City shine brighter even more so than it did in 2015.”
Tepper and his wife Nicole did not attend Monday’s council meeting or any of the open sessions where the renovations were discussed. Tepper released a statement following the city council’s vote.
“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,” he 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.”
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(Photo: Griffin Zetterberg / USA Today)