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Tepper Sports & Entertainment Unveils Proposed Plan for Stadium Renovations

Plan calls for $650-million investment from the city

A rendering shows the South Lawn outside of Bank of America Stadium post-renovation
A rendering shows the South Lawn outside of Bank of America Stadium post-renovation. (Courtesy of Tepper Sports & Entertainment)

Tepper Sports & Entertainment on Monday unveiled its plans for a proposed renovation of Bank of America Stadium — plans that will cost an estimated $1.3 billion, with $650 million coming from the city of Charlotte.   

This plan aims to enhance the fan and player experience, upgrade infrastructure and drive significant economic impact for Charlotte, according to a release put out by Tepper Sports & Entertainment (TSE), which owns the Carolina Panthers and Charlotte FC, on Monday. 

“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. 

If approved by Charlotte City Council, the plans will be financed by a fixed investment of $650 million from the city of Charlotte, which would come from the city’s hospitality and tourism funds, collected through an existing tax on hotel expenses and prepared food and beverages from Charlotte restaurants and bars.

Specifically, the city would draw from the Convention Center Fund, which can only be used for Charlotte Convention Center facilities, convention and visitor promotions, large stadiums and associated facilities, and amateur sports facilities. No new or increased taxes would be required to fund the renovations, according to the release. 

A TSE investment of more than $688 million would cover the rest of the improvements. In all, the renovations are expected to cost about $800 million, with the remaining $421 million of the TSE investment going toward capital improvements over the term of the deal. 

In return for the city’s investment, TSE would agree to keep the Carolina Panthers and Charlotte FC in Charlotte and playing at Bank of America Stadium through at least 2045.

Alongside general infrastructure improvements, renovation highlights include accessibility upgrades, a reimagined perimeter with a “park-like setting,” and improvements to seating, restrooms, video boards, sustainability and security. 

Rendering of a new concourse food hall included as part of planned renovations at Bank of America Stadium
Rendering of a new concourse food hall included as part of planned renovations at Bank of America Stadium. (Courtesy of Tepper Sports & Entertainment)

As part of the renovations, a corner of the stadium will be converted to a standing-room-only area, providing a space for socialization. The renovations also include artistic installations that reflect the culture of the Carolinas. 

“Our goal is to build a collaborative partnership so that this community asset can continue to generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come,” said Coleman.

Renovations would reportedly be carried out from 2025-2029. During this time, the Panthers and Charlotte FC will still be able to play in the stadium. 

As a part of the partnership, TSE is committed to employing a minority-owned and small business enterprise strategy to diversify the candidate pool and align with Charlotte Business Inclusion values. The plan will also enhance capacity for and identify categories for apprenticeship programs.

Over the next several weeks, members of the Charlotte City Council will meet to discuss the renovation project, including during Monday night’s committee wrap-up discussions, which will follow this afternoon’s presentation of the proposal to the Jobs and Economic Development Committee (meeting starts at 3:08:00 mark in this video). 

The city council’s final vote on the plan is expected to take place on June 24.

Stadium officials emphasize that the renovations are meant to serve the community and act as an overall benefit to Charlotte. 

“It’s really a community asset, and it’s so important for the community,” Coleman said. “We’re excited to be a part of that.”

Some on social media were not as sweet on the plan, however. 

“No money for sports billionaires,” read a tweet from Andrew Davis, who serves on the city’s Business Advisory Committee, though he was speaking for himself and not on behalf of any governmental body. “Especially no money for sports billionaires with a record of killing projects midway through.” 

Local community advocate and author Greg Jarrell wrote, “The proposal is to share the costs 50/50 and the profits 0/100.” 

According to Monday’s release, in 2023, stadium events drove $1.1 billion in economic impact to Charlotte, with nearly 40 ticketed events now being held at Bank of America Stadium each year. The stadium is the eighth oldest NFL stadium, having been built in 1996 and last renovated in 2021 in a $50 million project. 

According to a recent presentation to Charlotte City Council by Charlotte Center City Partners, nine of Uptown’s busiest 10 days in 2023 occurred when an event was held at the stadium. 

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