Tepper Sports & Entertainment (TSE), owner of the NFL’s Carolina Panthers, and the city of Charlotte have announced a proposed partnership in which the city would invest $650 million in renovating Bank of America Stadium.
**Details:**
– The total renovation cost is projected at $800 million, with TSE contributing $150 million and covering any potential overages.
– Charlotte’s $650 million share would come from existing hospitality and tourism taxes, which are legally required to be used for projects that attract visitors to the city.
– The development would not result in any new or increased taxes.
– The proposed agreement includes a 20-year non-relocation clause, ensuring the Panthers remain in Charlotte for the foreseeable future.
– TSE plans to spend an additional $421 million on capital improvements over the term of the deal.
– Renovations will include new seating throughout the stadium, an expanded team store, upgraded video and audio systems, improved accessibility, enhanced venue safety and security, and upgraded restrooms.
– Other plans feature a reimagined south lawn pavilion area for community gatherings and an outdoor classroom, along with modernized infrastructure for increased sustainability.
**Context:**
Bank of America Stadium, located in uptown Charlotte, opened in 1996 and has been the Panthers’ only home. It became the home of Charlotte FC, a Major League Soccer expansion franchise, in 2022. Despite its solid infrastructure, the stadium is considered outdated compared to newer NFL venues. TSE emphasizes the economic impact of the stadium, which hosted events driving $1.1 billion in economic impact for Charlotte in 2023.
**Comment:**
“Bank of America Stadium has been a special place for our Panthers and now Charlotte FC fans for nearly 30 years,” said Kristi Coleman, Carolina Panthers team president. “Investments are needed to ensure our decades-old venue continues to deliver the best experience for our players, fans, and community. Our goal is to build a collaborative partnership so this community asset can generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come.”
**Next Steps:**
The Charlotte city council will vote on the partnership on June 24th. If approved, construction is planned to take place from 2025 to 2029.