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On their quest for a championship in their respective leagues and sports, the Carolina Panthers of the NFL and Charlotte FC of the MLS, are looking to have a better home to host their fans. There might be some traction on that as there is a proposal that could help make their stadium one of the most advanced in the country.
The Charlotte City Council is considering spending hundreds of millions of dollars to renovate Bank of America Stadium. Council will potentially provide $650 million for construction of the renovations. In exchange, the Carolina Panthers and Charlotte FC will commit to remaining in Charlotte for another 20 years and be a part of an $800 million makeover of the place. Tepper Sports and Entertainment will invest $150 million during the construction phase.
The funding will come from an amount of money that can only be used for a limited number of things, one of which is upgrading Bank of America Stadium.
For more than a year, Tepper Sports & Entertainment (TSE) and the city of Charlotte have been discussing what the future of the stadium should look like.
TSE said North Carolina's beautiful weather, particularly in the fall, makes a dome an unattractive option. The Panthers also said a study was done and a consultant confirmed that the stadium is still structurally sound.
What to expect if the proposal is approved?
Since David and Nicole Tepper purchased the Panthers in 2018, the number of events each year at Bank of America Stadium has increased from 13 to 40. Charlotte Deputy City Manager Tracy Dodson said the economic impact of Bank of America Stadium in 2023 was $1.1 billion.
The general objective of the project is to modernize the stadium. The Panthers want to build a park-like atmosphere outside the stadium with large LED screens that can be used for viewing parties, creating a space for the community to gather.
The new concourses will feature upgraded concessions and local art, as well as a larger team store. There will be all-new bowl seating with a state-of-the-art sound system and new scoreboards.
The Panthers are on the hook for cost overruns and will be responsible for maintenance for the next 20 years. The maintenance costs are estimated at $421 million. Evaluations of the proposal will continue through the month of June.