On Monday, the Charlotte City Council voted to approve a joint $800 million renovation plan with the Carolina Panthers. This will link the team to the city for another 20+ years. The city will pay $650 million in renovations towards Bank of America Stadium. Panthers’ owner David Tepper will pay the remaining $150 million upfront.
Since buying the team in 2018, David Tepper has already invested $117 million in stadium upgrades. Additionally, Tepper has agreed to invest another $421 million in potential overages for capital improvements over the term of the deal. Tepper is happy to keep the Panthers in Carolina until 2045 when the deal is set to expire.
Over the next few years, the Carolina Panthers will have their stadium renovated
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
Roughly three weeks ago, the proposed deal was met with resistance. Certain individuals feel that David Tepper should be paying for all of the renovations himself. Tepper is the wealthiest owner in the NFL with an estimated net worth of $20.6 billion. However, the Charlotte City Council vote passed 7-3 in favor of Tepper. With the city’s help, the Panthers will get some much-needed upgrades to one of the oldest stadiums in the league. It’s the eighth-oldest, first opening for fans in 1996. Carolina’s second season as a franchise. They played their games home games at Clemson University in 1995.
Carolina’s current stadium has 72,000 seats and has “good bones”. Reports say that the stadium is holding up rather well for being close to 30 years old. However, Bank of America Stadium is still in need of some major renovations. Some of the improvements will include an upgraded video and audio system, modernized infrastructure, redesigned concourses, and unique social areas. Additionally, the plan to add exterior spaces for community gatherings and programming.
NEWS: Charlotte city council has approved the Carolina #Panthers 800 million dollar stadium renovation plan.
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The work is expected to start in 2026. pic.twitter.com/iTHzwp8VHE
— MLFootball (@_MLFootball) June 25, 2024
New seating will be installed throughout the bowl of the stadium. The Panthers also plan to make the entire stadium more accessible for individuals with a range of disabilities. To the fan’s delight, restrooms will also be receiving an upgrade. Construction on the stadium is said to start in 2026 and will finish by 2029.
