Tepper Sports & Entertainment (TSE), the owner of the NFL's Carolina Panthers, and the city of Charlotte have announced a significant proposed partnership to renovate Bank of America Stadium. This plan includes a substantial financial commitment from both parties and aims to enhance the stadium's facilities while ensuring the Panthers remain in Charlotte for the foreseeable future.
Financial Commitment and Allocation
The renovation project is estimated to cost US$800 million in total. TSE will contribute US$150 million to the project and cover any potential cost overruns. The city of Charlotte's contribution will be US$650 million, sourced from the existing hospitality and tourism tax. This tax is specifically earmarked for projects that attract visitors to the city, ensuring that no new or increased taxes will be required to fund the renovation.
As part of the proposed deal, a 20-year non-relocation agreement will be included, which guarantees that the Panthers will stay in Charlotte for at least the next two decades. Additionally, TSE has committed to spending an additional US$421 million on capital improvements over the term of this agreement.
Planned Renovations
The renovation plans for Bank of America Stadium are extensive and designed to modernize the venue, which opened in 1996 and is now one of the older stadiums in the NFL. The proposed upgrades include:
- Installation of new seats throughout the stadium bowl
- Expansion of the team store
- Upgraded video and audio systems, including the scoreboard and video board
- Improved accessibility features
- Enhanced venue safety and security
- Upgraded restrooms
Moreover, the renovation plans include reimagining the south lawn pavilion area to serve as a space for community gatherings and an outdoor classroom. The infrastructure will also be modernized to make the venue more sustainable.
Economic Impact and Community Benefits
Kristi Coleman, the Carolina Panthers team president, emphasized the importance of the stadium to the local community and economy. “Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” she said. “While Bank of America Stadium has solid infrastructure, investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community.”
Coleman highlighted the broader economic benefits of the stadium, noting that it generates significant economic impact for Charlotte. In 2023, events at Bank of America Stadium were responsible for US$1.1 billion in economic activity, with nine of the ten busiest days for uptown Charlotte coinciding with stadium events. The venue not only hosts NFL and MLS games but also accommodates college football games and concerts, making it a pivotal element of the city's event-hosting infrastructure.
Anticipated Approval and Timeline
The Charlotte city council is set to vote on the partnership proposal on June 24th. If approved, the construction work is scheduled to take place from 2025 to 2029, ensuring that the stadium can continue to serve as a premier venue for sports and entertainment events for many years to come.
Longterm Partnership
The proposed partnership between TSE and the city of Charlotte for the renovation of Bank of America Stadium represents a major investment in the future of the city's sports and entertainment infrastructure. By modernizing the stadium, the partnership aims to enhance the fan experience, boost the local economy, and secure the Panthers' presence in Charlotte for the next two decades. As Kristi Coleman succinctly put it, “Our goal is to build a collaborative partnership so that this community asset can continue to generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come.”
With the city council's decision pending, the future of Bank of America Stadium looks promising, potentially transforming it into a state-of-the-art facility that meets the needs of both the teams and the community it serves.
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