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Charlotte City Council Approves Bank of America Stadium Renovation Project

On June 24th, Charlotte City Council voted to move forward with the proposed partnership with Tepper Sports & Entertainment to invest in the renovation of Bank of America Stadium.

“Today's vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America Stadium,” said David Tepper, Tepper Sports & Entertainment owner. “Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city. For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC. We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come.”

Planning for the Future of Bank of America Stadium

For nearly 30 years, Bank of America Stadium has been a place where Panthers fans, and more recently Charlotte FC fans and music lovers, have gathered to create unforgettable memories that will last a lifetime. Now, this decades-old venue needs to evolve to meet the needs for the future.

Tepper Sports & Entertainment and the City of Charlotte have proposed a partnership for a long-term agreement that would update Bank of America Stadium, keeping this important community asset in its prime Uptown location. This renovation will enhance the fan and player experience, modernize infrastructure, and continue to deliver world-class sports and entertainment to Charlotte and the region for years to come, all while driving billions in economic impact for the city.

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

The City’s investment does not require any new or increased taxes. It will be funded by existing hospitality and tourism tax resources, which are legally required by the state to be spent on projects to support the city's tourism economy. The restricted funds cannot be used for other city functions like transit, education, affordable housing or public safety.

"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,” said Coleman.

Highlights of the Renovation

Imagine entering the stadium through an inviting perimeter with a park-like setting and exterior video boards for watch parties and other viewing opportunities. Once inside, fans will experience the best in technology with a new state-of-the-art sound system, scoreboard, and video boards. They can enjoy exciting, unique social areas with skyline views, improved concessions with regional offerings, and an expanded Team Store to better accommodate Panthers and Charlotte FC fans. Arts and culture elements will be infused throughout the design to reflect the vibrant culture across the Carolinas.

Other important elements 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.
  • A reduction of our impact on the environment and demand on city infrastructure through the modernization of the building systems, including mechanical, plumbing, electrical and HVAC.

“Bank of America Stadium provides our Club one of the best home pitch advantages in Major League Soccer,” said Joe LaBue, Charlotte FC team president. “It also serves as a pillar of our community that supports our mission to be a unifying force in the city.”

Details of the Proposed Partnership
The renovation would be an ongoing partnership between TSE and the City of Charlotte. Total investment includes:

  • A fixed investment of $650 million from the City of Charlotte over the term of the deal.
  • A total investment of $688+ million by Tepper Sports & Entertainment, including $117 million that was invested prior to June 2024 and an estimated $571 million ($150 million towards the renovation plus potential overages, and an estimated $421 million for capital improvements over the term of the deal).

For the project, TSE will implement a minority-owned and small business enterprises strategy that aligns with Charlotte Business Inclusion program priorities and needs. Through the launch of a proactive campaign and recruitment events, TSE is committed to enriching the candidate pool while enhancing capacity and identifying target categories for apprenticeship programs.

Since 2018, TSE-related entities have contributed $44 million to nonprofits across the region, with $28 million in Charlotte and the surrounding area.

Importance of Bank of America Stadium as a Community Asset
Charlotte has become one of the fastest growing metropolitan areas in the country and a marquee destination for sports and entertainment events, many of which take place at Bank of America Stadium. The city has one of the oldest stadiums in the NFL and, at the same time, one of the most active buildings in the NFL and MLS. Since 2018, TSE has opened the stadium to create nearly year-round programming around the NFL schedule, with MLS and international soccer, stadium-filling concerts, NCAA and high school football as well as 100 corporate and community events.

Nearly 40 ticketed events are held at Bank of America Stadium each year, attracting visitors from across the region and around the world. In 2023, 9 of the 10 busiest days for Uptown occurred on days when there were events at Bank of America Stadium, with all Stadium events driving $1.1 billion in economic impact to Charlotte in 2023.

Next Steps
Members of the Charlotte City Council will be meeting over the course of the next several weeks to discuss the Bank of America Stadium renovation project.

FREQUENTLY ASKED QUESTIONS

FAQS

Charlotte has become one of the fastest growing metros in the country and a marquee destination for sports and entertainment events, many of which take place at Bank of America Stadium. Charlotte has one of the oldest stadiums in the NFL, and at the same time, Bank of America Stadium is one of the most active buildings in the NFL and MLS. In fact, nearly 40 events are held at Bank of America Stadium every year, attracting visitors from across the region and around the world.

Since 2018, Tepper Sports & Entertainment has opened the Stadium to create nearly year-round programming around our NFL schedule, including the addition of 18 soccer events, multiple stadium-filling concerts, international soccer, NCAA and high school football and 100 corporate and community events. The Stadium has also been used as a polling location and mass vaccination site. In 2023, 9 of the 10 busiest days for Uptown occurred on days when there were events at Bank of America Stadium, with all Stadium events driving more than $1.1 billion in economic impact to Charlotte in 2023.

This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades. 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.

The City’s investment does not require any new or increased taxes. It would come from hospitality and tourism tax resources that are legally required by the state to be spent on projects to support the city's tourism economy. The restricted funds can't be used for other city functions like transit, education, affordable housing or public safety.

Total investment includes:

  • A fixed investment of $650 million from the City of Charlotte over the term of the deal.
  • A total investment of $688+ million by Tepper Sports & Entertainment, including $117 million that was invested prior to June 2024 and an estimated $571 million over the term of the deal.

Tepper Sports & Entertainment is committed to supporting minority-owned and small business enterprises with the project and will implement a strategy that aligns with Charlotte Business Inclusion program priorities and needs. Through the launch of a proactive campaign and recruitment events, TSE is committed to enriching the candidate pool while enhancing capacity and identifying target categories for apprenticeship programs.

This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades.

Some highlights of the renovations include:

  • Brand-new seats installed throughout the bowl.
  • All new video and technology capabilities, including new scoreboards, video signage and a state-of-the-art sound system designed to keep fans informed, entertained and engaged.
  • Exterior video boards to enable watch parties and other viewing opportunities.
  • Concourses and social areas redesigned to elevate the fan experience, including a new patio on the 500 level with stunning views of the field and skyline.
  • Improved concessions capabilities to provide a more diversified selection, featuring a reimagined food program influenced by vendors from the Carolinas.
  • The exterior landscape of the neighborhood around Bank of America Stadium elevated to enhance the park-like setting, ensure pedestrian pathways, and add new safety features and lighting.
  • Enhancements to the Stadium exterior to reaffirm its place as an iconic, beloved fixture of the Charlotte skyline, along with arts and culture elements infused throughout the design that reflect our vibrant regional culture.
  • A reimagined South Lawn Pavilion area that can be used as a community gathering spot or outdoor classroom on game days and non-event days.
  • 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 associated fan safety measures such as illuminated wayfinding and lighting.
  • A reduction of our impact on the environment and demand on city infrastructure through the modernization of the building systems, including mechanical, plumbing, electrical and HVAC.

Bank of America Stadium generates economic and fiscal benefits to the City and Southeast region through labor income, hospitality and tourism spending, taxes, and invaluable national and international media exposure through events held at the venue. The increased activity at Bank of America Stadium has positively impacted businesses in and around Uptown Charlotte, with 9 of the 10 busiest days in Uptown in 2023 being on days with Stadium events. In 2023, events at the Stadium generated an annual economic impact of $1.1 billion for the Charlotte region.

Perhaps more importantly is TSE’s commitment to advancing the community. The renovation will be used to engage and help build the capacity and capabilities of our region’s minority-owned and small business enterprises. Additionally, since 2018, Tepper Sports & Entertainment-related entities have contributed more than $44 million to nonprofit organizations across the region, with $28 million directed to those in Charlotte and the surrounding area.

At this stage, we don't have specific details on which PSL-Owned or Season Ticket Member seats may be impacted. As we progress through our renovation process, a representative from the Carolina Panthers or Charlotte FC will reach out directly if your seating will be impacted.

Our primary objective is to establish a phased construction plan over the next several years that enables us to remain operational. We will actively collaborate with our architects and construction managers to determine the most effective approach, aiming to minimize disruption to our team members and fans. We plan to work in close collaboration with our facilities teams, fan and supporter groups and other key stakeholders to ensure we have satisfactory solutions to any potential disruptions to game-day activities.

Charlotte City Council is currently reviewing the proposal and we are in the rezoning process with our Carolina Panthers practice fields off Cedar Street. Once these processes are complete, we will be able to better estimate timing.