Bank Of America Stadium Could Get More Than A Billion Dollars For Renovations, $650M Of Which Is City Money

Caryn Little,

Photo credit: Tepper Sports & Entertainment

CHARLOTTE, N.C. — Charlotte’s City Council to decide if they will give $650M to the Carolina Panthers for stadium renovations so the team and Charlotte FC will stay for another 20 years.

The Panthers released a press release saying the decades-old venue needs to evolve to meet the needs for the future.

Tepper Sports & Entertainment and the City of Charlotte have proposed a partnership for a long-term agreement that would update Bank of America Stadium, keeping the stadium in its current Uptown location. This renovation is expected to enhance the fan and player experience, modernize infrastructure, and continue to drive billions in economic impact for the city, according to the press release.

“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. “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.”

A Panthers spokesperson says the renovations do not require any new or increased taxes. It will be funded by existing hospitality and tourism tax resources, which are legally required by the state to be spent on projects to support the city’s tourism economy, according to the press release. The restricted funds cannot be used for other city functions like transit, education, affordable housing or public safety.

“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 will include:

  • Exterior video boards for watch parties and other viewing opportunities
  • A new state-of-the-art sound system
  • New scoreboard
  • New video boards
  • Social areas with skyline views
  • Improved concessions with regional offerings
  • An expanded Team Store
  • Arts and culture elements infused throughout the design to reflect the vibrant culture across the Carolinas
  • New seats throughout the bowl
  • Improved accessibility throughout the stadium
  • Stadium safety and security enhancements
  • Reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days
  • Upgraded restrooms
  • Enhancements to the stadium exterior
  • Upgrades in the mechanical, plumbing, electrical and HVAC systems

“Bank of America Stadium provides our Club one of the best home pitch advantages in Major League Soccer,” said Joe LaBue, Charlotte FC team president. “It also serves as a pillar of our community that supports our mission to be a unifying force in the city.”

The renovation would be an ongoing partnership between TSE and the City of Charlotte.

Total investment includes:

  • A fixed investment of $650 million from the City of Charlotte over the term of the deal.
  • A total investment of $688+ million by Tepper Sports & Entertainment, including $117 million that was invested prior to June 2024 and an estimated $571 million ($150 million towards the renovation plus potential overages, and an estimated $421 million for capital improvements over the term of the deal).

For the project, TSE says they will implement a minority-owned and small business enterprises strategy that aligns with Charlotte Business Inclusion program priorities and needs. Through the launch of a proactive campaign and recruitment events, TSE says they are committed to enriching the candidate pool while enhancing capacity and identifying target categories for apprenticeship programs, according to a press release.

Since 2018, TSE-related entities says they have contributed $44 million to nonprofits across the region, with $28 million in Charlotte and the surrounding area.

Members of the Charlotte City Council will be meeting over the course of the next several weeks to discuss the Bank of America Stadium renovation project.