CHARLOTTE, N.C. -- Tepper Sports & Entertainment and the city of Charlotte announced Monday a proposed partnership that would have the city contribute $650 million for renovations to Bank of America Stadium and keep the Carolina Panthers in their current location for the next 20 years.
The proposal for the long-term partnership took place during the city council's economic development meeting outlining renovations that would take place between 2025 and 2029. The city council is expected to vote whether to approve the partnership on June 24.
Tepper Sports & Entertainment would have a 20-year non-relocation agreement for the Panthers under the proposal. But there is an out after 15 years that would require Tepper Sports & Entertainment to pay off the remaining five years of the debt if the team moved.
This is our home. This is our future. Welcome to the Crown Jewel of the Queen City.
— Carolina Panthers (@Panthers) June 3, 2024
We are excited to unveil a first look at the proposed renovation of Bank of America Stadium.#KeepPounding pic.twitter.com/n1JfPUK0QA
This would be the first major renovation since the stadium was completed in 1996 and paid for by sale of permanent seat licenses.
The city's contribution would come from hospitality tax revenue as it relates to tourism-related projects by law. The contribution will not require any increased or new taxes.
An additional $688 million-plus would come from Tepper Sports & Entertainment, according to the release. This includes all money owner David Tepper and his company have invested since Tepper purchased the team in 2018 for $2.275 billion.
This would bring the total investment in renovations, including a new practice facility that currently is under construction, to more than $1 billion.
Renovations to the stadium, which also is the home of the Charlotte Football Club, are to include:
Brand-new seats installed throughout the bowl.
Improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.
Stadium safety and security enhancements, including illuminated wayfinding and improved lighting.
A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days.
Upgraded restrooms throughout the stadium for better sustainability, accessibility and speed of service.
Enhancements to the stadium exterior to reaffirm its place as an iconic, beloved fixture of the Charlotte skyline.
Early in Tepper's ownership he talked about purchasing land to build a new stadium. He then talked about refurbishing Bank of America Stadium with a retractable roof or a dome that could host Super Bowls and basketball Final Fours.