Panthers’ stadium revamp funding agreed

Image: Carolina Panthers

A renovation project at Bank of America Stadium has taken another step forward after Charlotte City Council took the final step to issuing $650 million worth of debt.

Charlotte Business Journal said the package is part of the local government’s commitment to funding 80% of an upcoming improvement project at Bank of America Stadium.

Tepper Sports & Entertainment (TSE) will invest $150 million in the five-year, $800 million makeover of the 29-year-old venue, which is home to the NFL’s Carolina Panthers.

The Carolina Panthers are a professional American football team based in Charlotte, North Carolina (US). The Panthers compete in the National Football League (NFL) as a member of the National Football Conference (NFC) South Division.

The Bank of America Stadium is a 74,867-seat multipurpose stadium located on 33 acres (13 ha) in the uptown section of Charlotte, North Carolina, United States. It is the home and headquarters of the Carolina Panthers of the National Football League (NFL) and Charlotte FC of Major League Soccer (MLS).

Image: Carolina Panthers

TSE owns and operates the NFL’s Carolina Panthers, Charlotte Football Club and the Panthers home ground – the Bank of America Stadium in Charlotte, North Carolina.

TSE is committed to making the greater Charlotte Metro area the premier year-round destination for sports and entertainment in the Carolinas.

Renovations and improvements will begin next year and run through 2030.

City government and Tepper Sports consider their respective investments equal, $650 million from the city, $688M from Tepper Sports, when the stadium owner’s investments in earlier improvements and anticipated future expenses are included.

Stadium improvements will include new seating, improved and updated lighting, restrooms, audio and video systems, concessions areas and concourses.

Image: Carolina Panthers

Back-of-house upgrades will include electrical, heating and cooling systems. Other enhancements include new escalators and elevators.

The renovations will feature a state-of-the-art sound system, scoreboards and LED boards, updated bathrooms, faster escalators, and new seats throughout the stadium.

There are also plans to create gathering spaces outside the stadium and turn a section of the upper deck into a “social patio” with views of Charlotte’s skyline.

Construction is slated to start in 2026 following a 10- to 12-month design phase, according to a team official. The renovations are expected to be completed by 2029.

After buying the team in 2018, David Tepper talked about adding a dome or retractable roof in order to host a Super Bowl (the annual league championship game of the NFL) or Final Four at the Bank of America Stadium, the Panthers’ home since 1996.

But Tepper said the Covid-19 pandemic gave him more of an appreciation for the open-air stadium.

The stadium agreement includes a tether tying the Panthers and the Charlotte FC, the MLS team owned by Tepper, to the City for the next 15 years. There’s a soft tether over the remaining five years requiring the TSE to pay off the outstanding debt if Tepper moves either team out of Charlotte.

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