Charlotte OKs $650 Million Bond for Carolina Panthers Stadium

Charlotte’s $800 million plan to overhaul Bank of America Stadium — home to the NFL’s Carolina Panthers and Charlotte FC — cleared a major hurdle this week, as the City Council approved three measures to start financing and support work on the multi-year project.

The votes authorize the city to apply for $650 million in bond financing through the state, the Charlotte Business Journal reported.

That public share will be repaid using existing tourism tax revenue, which by law must fund visitor-related projects. David Tepper’s Tepper Sports & Entertainment, the owner of the teams and the stadium, will contribute the remaining $150 million and cover any cost overruns.

The deal, originally approved in June, also commits Tepper Sports to keeping both franchises in uptown Charlotte through 2045. Factoring in $117 million in prior improvements and projected maintenance costs, the city and team view their long-term investments as roughly equal. Tepper Sports leases the city-owned site, at 800 South Mint Street, for $1 a year.

“This is a procedural step in our ongoing relationship with the team,” Council Member Ed Driggs said during the meeting.

Initial bond funding — about $350 million — will cover the first two years of construction, starting this year and focused on behind-the-scenes systems like electrical and HVAC. Fan-facing upgrades, including new seats, concourses, lighting, video boards and restrooms, will follow, with a timeline between 2027 and 2030. The stadium will stay open throughout, though non-sporting events are expected to be scaled back.

As part of Monday’s approvals, Tepper Sports will lease a 2.8-acre city transit site for $1.1 million annually to store equipment during construction. The amended lease also clears the way for Tepper Sports to fund and operate a 4,400-capacity indoor music and performance venue by 2030, adjacent to the stadium’s north gate.

NFL owners are expected to vote on the full renovation package next week in New York. If approved, Charlotte City Council will finalize the bond resolution late this month.

— Eric Weilbacher