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Thursday, June 20, 2024

Panthers Propose $800 Million in Bank of America Stadium Renovations

  • The city has recently invested in the Charlotte Hornets’ facilities.
  • The Carolina Panthers would be on the hook for maintenance and overruns.
Carolina Panthers

The city of Charlotte is continuing to try to turn itself more into a sports town. 

Months after the city announced a new practice facility and arena upgrades for the Charlotte Hornets, the city is now considering a $800 million investment into upgrading Bank of America Stadium, the current home of the Carolina Panthers and Charlotte FC The renovations would ensure both the Panthers and Charlotte FC stay in the city for the next two decades. 

The city’s investment would be $650 million, wouldn’t come with any new taxes, and would be funded by existing taxes that are required to be spent on the tourism arm of the city. Tepper Sports and Entertainment, the team’s ownership group, would pay $150 million for the construction phase and be on the hook for cost overruns and maintenance over the next 20 years, which are estimated to be around $421 million. 

“Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” said Kristi Coleman, Panthers team president, in a release. “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.”

Proposed upgrades to the stadium include new seats, improved accessibility, new restrooms and enhancements to the exterior, among other renovations. The renovations don’t include a dome or retractable roof, which Panthers owner David Tepper previously floated in 2019 as a way for the city to host Super Bowls and Final Fours. Tepper walked back the idea in ’21 and appears to be sticking to it. He had also considered a stadium outside downtown, but all the proposals are for the current location. 

The proposal comes roughly three months after the Hornets said they’d help pay for a new $30 million practice facility as part of a 2022 agreement to inject $275 million into the franchise’s infrastructure, which also includes renovations to the Spectrum Center, where the team plays. 

While the facilities for both teams would be top-notch in the near future, the next challenge is getting both teams competitive. The Panthers are coming off a 2–15 season in which No. 1 pick Bryce Young struggled to establish himself as a future franchise quarterback. Meanwhile, the Hornets finished 21–61 and will pick sixth in the NBA draft June 26–27.

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