Bank of America Stadium could soon have an $800M new look

Bank of America Stadium, home of the Carolina Panthers and Charlotte FC could soon have an $800M new look.

The Carolina Panthers and the City of Charlotte proposed a partnership deal that would include an $800M renovation to Bank of America Stadium and keep the NFL team here for at least 20 years.

Terms of the proposal emerged during a presentation to City Council’s economic development committee. Public funding will total $650 million, or 81%, with Tepper Sports putting in $150 million, or 19%. The city will derive its share from tax revenue dedicated to tourism-related projects. Neither Mecklenburg County nor the state are participating in the funding plan. Tepper Sports has also committed to spending an estimated $421 million on operating and maintenance and future updates to audio, video and other aspects of the stadium as they age.

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

Tepper Sports provided the city with a video simulation of what the $800M Bank of America Stadium renovations and upgrades will look like.

The video sequence shows an enlarged, glass-enclosed façade with more activity for fans and accompanying video and LED accents that will enliven the stadium exterior. Inside, Tepper Sports plans to tear out an unspecified number of seats in the upper level and build a social-gathering area facing the field, a popular feature many teams and venues have added in recent years.

As part of the stadium facelift, the plans include installing a new sound system, upgrading video and display boards, updating restrooms, diversifying concessions menus, and replacing all seats.

Breakdown of Funding for Planned $800M Bank of America Stadium Renovation

The city will cap its investment at $650 million for stadium improvements between 2025 and 2029. When factoring in past and future stadium investments since Tepper Sports bought the stadium in 2018, the city and Tepper Sports calculate their funding commitments at $650 million and $688 million, respectively.

The owner of the stadium and its anchor tenants, the NFL Carolina Panthers and MLS Charlotte FC, Tepper Sports will commit both teams to stay in Charlotte through 2045 as part of the agreement. And Tepper Sports will have an option to buy out the final five years.

Tepper Sports’ $688 million breaks down this way:

Tepper Sports spent $117 million between 2018 and 2024 to prepare the Bank of America Stadium for the MLS team, including additional locker rooms, soccer-specific field entry, luxury seating, and improved concourses and concessions as well as an exterior LED ribbon board

The Tepper Sports will contribute $150 million toward the $800M combined renovation between 2025 and 2029

Tepper Sports estimates $421 million in future spending on continuing investments

Tepper Sports will carry out the work on the planned Bank of America Stadium $800M new look around scheduled events, and neither team will be displaced for any of the construction projects.