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Charlotte ensures Panthers stay in the city for at least the next 15 years in latest decision

Originally posted on A to Z Sports | By Ian Kayanja | Last updated Jun 25, 2024 10:36 AM ET

The Carolina Panthers and team owner David Tepper received the green light from Charlotte city council for a $800 million renovation plan for Bank of America Stadium that will use $650 million in tax dollars to fund the project.

The vote came down nearly a month after plans were initially revealed for the renovation plan. To fund the project, the city plans to use hospitality tax funds, which must be earmarked for tourism-related projects, Joseph Person of The Athletic reported.

In a 7-3 vote, the city council committed to a 20-year agreement that features renovations like a new sound system, scoreboards, LED boards, updated bathrooms, faster escalators, and new seats throughout the stadium. A gathering space outside the stadium will also be constructed along with a sky patio to see the Charlotte skyline.

Construction will begin in 2026. The renovations are expected to be completed by 2029.

In the passage of the stadium agreement, Tepper and the Panthers are tethered to the city for the next 15 years. However, there are ways for Tepper to move the team in the last five years of the deal, but he would be on the hook to pay off any of the outstanding debt at that point.

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. pic.twitter.com/PcCBeo9IMg
— Bank of America Stadium (@BofAstadium) June 3, 2024

It was a quick turnaround from the revelation of the plans to the city council approving the measure. The supporting vote comes after the Panthers went 2-15 on the year with Tepper at the center of several controversies.

Tepper was not heavily involved in person during the stadium renovation deal process. In early June, Scott Fowler of the Charlotte Observer reported Tepper was told to stay out of the limelight until the agreement was pushed through.

Following the vote, Tepper released a statement in support of the decision made by the Charlotte city council.

"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 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."

This article first appeared on A to Z Sports and was syndicated with permission.

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