Panthers, city seek $800M stadium renovation deal to keep team in Charlotte for 20 years
AP CHARLOTTE, N.C. A partnership agreement between the City of Charlotte and the Carolina Panthers would see Bank of America Stadium renovated for $800 million and the NFL team relocated to the stadium for a 20-year period.
The city would invest a fixed $650 million in the renovations, and Panthers owner David Tepper would contribute an additional $150 million.
According to a news release from the team on Monday, Tepper had already spent more than $117 million on the stadium before June and would also cover an additional $421 million in potential overages for capital improvements during the deal’s duration.
There are no new or higher taxes necessary in order to fund the city’s investment.
It is anticipated that the Charlotte City Council will convene in the coming weeks to deliberate on the proposed renovation project for Bank of America Stadium.
Panthers team president Kristi Coleman stated in the release that “Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years.” “Bank of America Stadium has a strong infrastructure, but in order to make sure that our long-standing venue continues to provide the best experience for our players, fans, and community, investments are needed.”
The existing hospitality and tourism taxes, which the state legally mandates be used for initiatives aimed at bolstering the city’s tourism industry, would finance the city’s portion of the cost.
Coleman stated, “The goal of this renovation is to update the stadium to provide better experiences while maintaining the general feel and setting that fans have come to know and love for many years.”
In 1996, Bank of America Stadium made its debut.
Upgraded audio and video systems, updated infrastructure, redesigned concourses, distinctive social areas with views of the skyline, and outdoor areas for community events and programming are just a few of the improvements that will be made.
New seats placed throughout the bowl and enhanced accessibility features, which allow people with a variety of disabilities to enter the space without difficulty, are additional significant components. Additionally, restrooms would be updated.
On non-event days and game days, the south lawn pavilion area would be repurposed as an outdoor classroom and community hub.
Coleman stated, “Today was the first of what will be a series of conversations with public officials.” “In order to ensure that this community asset continues to provide fans with exceptional and memorable experiences as well as economic impact for the city and region for years to come, our goal is to establish a collaborative partnership.”
In addition, Charlotte FC of Major League Soccer calls the stadium home. College football games and concerts are frequently held there as well.
Joe LaBue, president of Charlotte FC, stated, “Bank of America Stadium gives our Club one of the best home pitch advantages in Major League Soccer.” “It also supports our mission to be a unifying force in the city by acting as a pillar of our community.”
