Charlotte Economic Development Director Tracy Dodson clarified on Wednesday that the city’s proposed $650 million for renovations to Bank of America Stadium is not directly funding Tepper Sports and Entertainment, the owners of the Carolina Panthers and the stadium.**
Under this plan, the city would allocate $650 million for stadium upgrades, including new seats and scoreboards, over the next four years, with Tepper Sports contributing $150 million. Additionally, Tepper Sports has committed approximately $430 million for maintenance and other enhancements from 2029 to 2039.
Dodson emphasized that the city’s funds would be paid directly to contractors performing the work rather than handed to Tepper Sports upfront. This comes in response to criticism regarding public spending on the stadium, with many city survey respondents arguing that David Tepper, a billionaire, should finance the renovations himself.
“But also, if you heard me Monday night, I reiterated that this money isn’t going to Tepper Sports and Entertainment,” Dodson stated in a Wednesday interview. “This money is going to a community asset, the facility. And the money actually goes to a lot of community businesses.”
This has been a consistent message from Dodson and city officials since announcing the plan on June 3.
However, her statement oversimplifies the situation and could be considered misleading. The city plans to use $650 million from hotel/motel and prepared food and beverage taxes for stadium improvements. Though payments will be made to contractors, all improvements will ultimately enhance a stadium owned by Tepper’s company. This will increase the stadium’s value and potential revenue from various events.
It’s akin to paying for a new roof on a friend’s house; although the payment goes to the roofer, the friend still owns the house and benefits from the upgrade.
The City Council’s economic development committee unanimously moved the plan forward to the full council on Wednesday.
A special public hearing is scheduled for June 17 from 3 to 5 p.m., with a final vote on June 24.
When questioned about her Monday meeting comments regarding an online survey on the deal, Dodson mentioned that while she highlighted themes such as alternative spending suggestions and local business opportunities, she did not fully convey the opposition to the plan. Survey results reviewed by WFAE showed significant resistance, with respondents largely opposed to subsidizing the Panthers’ billionaire owner David Tepper.
Dodson explained that her presentation themes were based on staff analysis, not her own background research on the survey responses.