Carolina Panthers secure future in Charlotte with $800M stadium deal

FILE – Bank of America stadium is shown during an NFL football game in Charlotte, N.C., Sept. 13, 2009. The Carolina Panthers and the City of Charlotte have proposed a partnership for a long-term agreement that would renovate Bank of America Stadium and keep the NFL team in North Carolina for the foreseeable future. (AP Photo/Nell Redmond, file)

(WCIV) — The threat of the Carolina Panthers leaving Charlotte has been mitigated for the foreseeable future.

Charlotte City Council approved in a 7-3 vote Monday night for a joint $800 million stadium renovation plan that ties the franchise to the Queen City for the next 20 years.

Under the approved policy, the city will pay $650 million toward the renovation of Bank of America Stadium. Team owner and hedge fund billionaire David Tepper will pay the remaining $150 million upfront while keeping the team in Charlotte through 2045, according to a report from the NFL.

“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 following the vote, 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.”

Tepper has already invested more than $117 million in the stadium before June and would also pay another $421 million in potential overages for capital improvements over the length of the agreement, the team said.

Construction is slated to start in 2026 following a design phase that will last around a year, Joseph Person of The Athletic reported. The renovations are expected to be completed by 2029.

The planned improvements include upgraded video and audio systems, modernized infrastructure, redesigned concourses, unique social areas with skyline views, and exterior spaces for community gatherings and programming.

There will be new seating installed throughout the stadium. Additionally, infrastructure improvements for individuals with disabilities will be added to the stadium.

Restrooms and escalators will also be receiving a facelift.

The south lawn pavilion area would be reimagined as a community gathering area.

“Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” said Kristi Coleman, the 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 Panthers opened play at Bank of America Stadium in 1996, and it is now considered one of the older stadiums in the league. It currently seats 72,000. Since Tepper purchased the team in 2018, the Panthers have gone 31-28 overall – cycling through six head coaches. In 2015, with No. 1 overall pick Bryce Young, Carolina went 2-15.

The full Bank of America Stadium plan can be read here.