CHARLOTTE, N.C. — Charlotte City Council members will vote Monday evening on whether to allocate about $650 million to update the Bank of America Stadium.
Bank of America Stadium was built in 1996, and is currently the NFL’s oldest stadium, serving as the home for the Carolina Panthers and Charlotte FC. The stadium also started hosting major events like concerts in recent years.
Recent comments made to the council in a public listening session were mixed, with many business owners and workers in favor of the renovation. Some considered the increased number of events at the stadium over recent years, bringing in more money for businesses in the area.
Some of those opposed to the city spending the money to update the stadium pointed to Panthers owner David Tepper’s track record and franchise management, including a failed practice facility and multiple losing seasons.
Former Carolina Panthers president Tom Glick credited Tepper for helping to bring live concerts to the venue. The long-awaited return of major concerts happened in 2019 with Billy Joel taking the stage.
These upgrades and improvements will cost $1.3 billion, with $688 million coming from the team. Taxes will remain unaffected, and the city’s current hospitality tax will provide the funds, according to the Associated Press.
The city’s portion will go directly to contractors for making tourism-specific improvements, rather than to the stadium to spend. According to the Greater Charlotte Hospitality & Tourism Alliance, team owners will not receive any money.
The team recently revealed that Tepper has already contributed more than $117 million toward the stadium and is also willing to invest an extra $421 million for capital improvements throughout the agreement.
Changes include more accessible seating and bigger, better big screens. (Courtesy Carolina Panthers)
Improvements include more accessible seating and bigger, better screens, though Tepper’s goal to build a retractable roof for sporting events like Final Fours was stifled.
The deal also requires the Panthers and Charlotte FC to stay in the Queen City for the next two decades, and will provide opportunities for more events like concerts.
If approved, renovations to the 30-year-old stadium would begin next year and are expected to finish by 2029, according to the Associated Press.