Yahoo Finance What to know about $650 million Bank of America Stadium renovation plan in Charlotte
The Charlotte City Council on Monday approved terms of a deal to spend $650 million in public funding on Bank of America stadium renovations.
Tepper Sports & Entertainment, which owns both the Panthers and Charlotte FC, presented the renovation plan to the City Council’s economic development committee on June 3. Last week, Charlotte residents shared conflicting opinions on the investment, leaving the Council with much to consider.
Now that the City Council has agreed to provide money for the renovations, staff members will start drawing up legal documents and securing financing.
Here’s what we know from city documents, previously Charlotte Observer reporting and City Council meetings
What is Tepper Sports & Entertainment asking for?
Tepper Sports & Entertainment is asking for $650 million from the city for Bank of America Stadium improvements and to help fund a new field house. Tepper Sports agreed to keep both the Panthers and Carolina FC in Charlotte for at least 20 years, but that agreement could be bought out after 15 years.
What would Bank of America Stadium renovations include?
Renovations will enhance the stadium, as well as increase sustainability and accessibility. The $650 million will be used for:
field house construction
updating lower bowl seats
repairing and replacing mechanical, electrical and plumbing infrastructure
modernizing safety and security equipment
updating locker room and operational spaces
new spectator viewing areas
updating restroom facilities
updating scoreboard/videoboard, control room and sound
an elevated exterior facade
The renovations will not include a retractable roof or dome, due to Charlotte’s comfortable climate and a high cost.
When was Bank of America Stadium built?
The stadium opened in 1996 after the owner of the Carolina Panthers bought a NFL franchise in 1993. Until 2004, it was Ericsson Stadium, named for a Swedish telecommunications firm. It currently seats over 75,000 people and includes training facilities, offices and practice fields.
How did the Charlotte City Council vote?
The Council voted 7-3 to approve the deal. Council members who voted against the deal include Dimple Ajmera, Tiawana Brown and Reneé Johnson.
Where is stadium renovation money coming from?
The renovation money will come from debt Charlotte takes on. It will pay for that debt with hospitality tax revenue, which is generated by taxes on prepared food and beverage sales as well as hotel occupancy. This tax revenue must go towards tourism-related projects, which includes stadium upgrades.
Tepper Sports plans to contribute $150 million in addition to completed upgrades and $421 million on future renovation costs.
When will construction start on Panthers’ stadium?
Work on the stadium will begin in 2026, after Tepper Sports, Charlotte residents and the City council are satisfied with the construction plans. Field house construction will begin later this year.
When will construction finish?
Stadium construction will end in 2029. Field house construction will be completed in 2026.
Will Charlotte build a new football stadium?
The city and Tepper Sports will begin negotiations for the design and construction of a new stadium in Charlotte by 2037, according to the agenda for Monday’s City Council meeting. Terms say the City and Tepper Sports will also discuss new funding sources for the new stadium. The new stadium could be completed by the 2046 season.
How much have other NFL stadiums cost?
It’s common for NFL stadiums to use a combination of public and private money to fund new stadiums and renovations.
In 2022, Erie County and the state of New York came to an agreement with the Buffalo Bills to provide $850 million to fund a new stadium. Similarly, the Kansas City Chiefs announced in February a $800 million renovation plan for Arrowhead Stadium, with $300 million to be provided by the Chiefs chairman Clark Hunt. But voters there rejected a sales tax proposal that could’ve funded those renovations.
