For 30 years, Bank of America Stadium has greeted sports fans and music lovers. Now, there’s a new plan to welcome fans for many more years to come.
Tepper Sports & Entertainment and the City of Charlotte proposed a partnership worth $800 million to update BoA Stadium during Monday’s Economic Development Committee meeting.
“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,” said Kristi Coleman, Carolina Panthers team president.
The proposed renovations
Going to a game or a concert at BoA Stadium is already a memorable experience. TSE and the city want to make the guest experience even bigger, with state-of-the-art sound systems, scoreboards, and video boards.
Other proposed updates include:
- New seats throughout the bowl
- Improved accessibility for people with a range of disabilities
- Security and safety enhancements (Think: illuminated wayfinding and new lighting)
- Upgraded restrooms
- Upgrades to the stadium exterior
- Modernization of mechanical, plumbing, and electrical systems
Breaking down the numbers
Under the deal, the city would provide one-time funding of $650 million to help “modernize” the home of the Carolina Panthers and Charlotte FC.
According to the Panthers, the city’s investment would be drawn from existing hospitality and tourism tax resources, not new or increased taxes.
“When we think about it, we’re not investing in the building itself. We’re investing in our Uptown vitality,” said Tracy Dodson, Charlotte’s Assistant City Manager.
Tepper Sports & Entertainment would invest $688+ million — $117 million invested prior to June 2024 and an estimated $571 additional million toward the renovation. Editor’s note: That $571 million would be made up of $421 million for capital improvements + $150 million toward the renovation.
“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.
Terms of the deal
On the table — a 20-year non-relocation for the Panthers and Charlotte FC.
“Our investment in the stadium creates both the long-term future for the Panthers and Charlotte FC to stay in this location for up to 20 years,” said Dobson.
Should the Panthers or Charlotte FC relocate in the last five years of the 20-year deal, TSE is required to pay any remaining debt back to the city.
What’s next?
Should the proposal be approved by the city, a phased construction plan would be introduced, allowing for work to be done with minimized disruption to teams and fans.
City Council could vote on the plan as early as Monday, June 24.
