Tepper Sports & Entertainment and the City of Charlotte have proposed a partnership for a long-term agreement that would update Bank of America Stadium in Charlotte, North Carolina, in an $800 million-plus renovation. The goals of the project include enhancing fan and player experience, modernizing infrastructure, and driving economic impact for the city. The stadium is home to the NFL’s Carolina Panthers and the MLS’s Charlotte Football Club (Charlotte FC), and has several rentable event spaces available to planners, including the playing field itself.
“Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” says Kristi Coleman, team president for the Carolina Panthers, in a prepared statement. “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.”
Updates would include a new state-of-the-art sound system, scoreboard, and video boards; brand-new seats throughout the bowl; improved accessibility; safety and security enhancements including illuminated wayfinding; and a modernization of building systems such as mechanical, plumbing, electrical, and HVAC to aid in reducing the stadium’s environmental impact. The stadium’s South Lawn Pavilion would also be reimagined as a community gathering space and outdoor classroom on game days and non-event days.
The City of Charlotte’s fixed investment of $650 million will not require any new or increased taxes on the public and will be funded by existing hospitality and tourism tax resources, legally required by the state to be spent on projects that support the city’s tourism economy. Tepper Sports & Entertainment (Panthers owner David Tepper’s holdings company) will contribute $150 towards the renovation plus potential overages as well as an additional estimated $421 million in capital improvements over the term of the deal. The holdings company also invested $117 million prior to June this year.
Members of the Charlotte City Council will be meeting over the course of the next several weeks to discuss the renovation project.
