The Charlotte City Council just approved $650 million to renovate Bank of America Stadium. In return, the Panthers and Charlotte FC will stay in Charlotte for at least 20 more years.
The stadium, one of the NFL’s oldest, has housed the Panthers since 1996 and has seen updates but nothing as extensive as the proposed renovations approved on Monday.
BREAKING: Charlotte City Council voted 7-3 to approve the Bank of America Stadium upgrades.
During tonight’s meeting, #CLTCC approved the terms of the proposed $650M City Investment and 20-year non-relocation of the Carolina Panthers and Charlotte FC.
🔗 https://t.co/RkZOeowsgY pic.twitter.com/tEhEnuusT8
— City of Charlotte (@CLTgov) June 25, 2024
Business leaders support the project for its potential economic impact, while critics argue the approval process was rushed and lacked transparency. The renovation plans include large screens, gathering spaces outside the stadium, new seats, improved concessions, restrooms, and better accessibility inside.
The $650 million will come from the tourism and hospitality tax fund. Tepper Sports & Entertainment will contribute $688 million, including $571 million in new investments. The renovations are expected to be completed by the 2029 NFL season.
The council also discussed laying the framework for a potential new stadium by 2046, with negotiations starting by 2037. This timeline reflects a commitment to keeping David Tepper-owned teams in Charlotte long-term. Tepper wants a new stadium to host sports teams, live concerts, and other events.
Key Points:
- Approval: Charlotte City Council approved $650 million for stadium renovations.
- Duration: Panthers and Charlotte FC to stay in Charlotte for 20 more years.
- Economic Impact: Business leaders support the project; critics cite rushed approval and lack of transparency.
- Funding: $650 million from tourism and hospitality tax fund; Tepper Sports & Entertainment to contribute $688 million.
- Completion: Renovations expected by the 2029 NFL season.
- Future Plans: Framework discussed for a new stadium by 2046, with negotiations starting by 2037.
