NFL team the Carolina Panthers plan to spend 20 years at their “special” Bank of America Stadium home as part of an $800 million renovation proposal backed by $150m from owner David Tepper.
The city of Charlotte would invest $650m in the work, with Tepper paying $421m in potential overages for capital improvements over the term of the deal, the Panthers have said.
They have been based at the 75,000-capacity setting – the 29th-largest stadium in the US – since it opened in 1996, and MLS club Charlotte FC have also played there since 2022.
This is our home. This is our future. Welcome to the Crown Jewel of the Queen City.
We are excited to unveil a first look at the proposed renovation of Bank of America Stadium.#KeepPounding pic.twitter.com/n1JfPUK0QA
— Carolina Panthers (@Panthers) June 3, 2024
“Investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community,” Panthers team president Kristi Coleman said, adding that the stadium would be modernised “while preserving the overall character and location that fans have known and loved for decades”.
Charlotte City Council members are set to discuss the project during the coming weeks. The plans do not require increased taxes.
Existing hospitality and tourism tax resources, which the state requires to be used on projects supporting the city’s tourism economy, would fund the city’s investment.
Panthers stadium renovation: ‘A unifying force’
“Today was a first step in what will be a series of conversations with public officials,” said Coleman. “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.”
Charlotte FC president Joe LaBue said the stadium provides “one of the best home-pitch advantages” in the top flight.
“It also serves as a pillar of our community that supports our mission to be a unifying force in the city,” added the 44-year-old.
Hedge fund manager and former Pittsburgh Steelers minority stake owner Tepper bought the Panthers for $2.2 billion in 2018.
The deal was an NFL record for the team who made the last of their eight play-off appearances in 2017, two years after winning the National Football Conference.
Now 66, Tepper’s net worth of almost $21bn is the 93rd-highest of any individual in the world, according to Forbes.
