CHARLOTTE, N.C. — There’s never a great time to ask taxpayers for $650 million. Doing so on the heels of a NFL-worst 2-15 season qualifies as especially poor timing.
But if David Tepper planned to wait until the Carolina Panthers became good again to appeal for public money, there’s no telling when the renovations to Bank of America Stadium might happen. And so the initial ask took place Monday afternoon during an economic development committee meeting of Charlotte’s city council — nearly six years after Tepper became the owner.
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Shortly after Tepper bought the team from Jerry Richardson in 2018, he talked about putting a dome or retractable roof over the stadium so Charlotte could host Super Bowls and Final Fours. But there’s no roof in the current plans, which feature state-of-the-art video boards, a new scoreboard and sound system. There also would be a “social patio” on the 500 level where fans can congregate to watch the action or — alternately — sip a drink and admire the skyline, depending on how the game’s going.
Tepper has said the COVID-19 pandemic changed his thinking about throwing a roof over BoA and reinforced the benefits of an open-air stadium.
“This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades,” team president Kristi Coleman said in a statement.
The $650 million in public funding would come from existing hospitality taxes and cover the bulk of the renovation costs. Tepper Sports & Entertainment has told city leaders it would cover $688 million, although that includes only $150 million toward the renovation and potential overages — making it a $800 million project.
TS&E’s $688 million figure also includes $117 million it spent on the stadium over Tepper’s first six years as owner, as well as $421 million for capital improvements over the life of the 20-year deal. The proposal includes a hard tether tying the Panthers and Charlotte FC to Charlotte over the first 15 years. There’s a soft tether in the final five years: If Tepper relocated the team(s), TS&E would be on the hook for the remaining five years of debt.
The first phase of the project would start immediately and include competing a fieldhouse at the existing practice facility adjacent to the stadium, provided Charlotte city council approves a rezoning request. The stadium renovations would begin in 2025 and be completed by 2029.
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Charlotte’s city council is scheduled to vote on the proposal June 24, leaving little time for taxpayers to raise questions such as: How do we know this will be different than Rock Hill, S.C. (where Tepper pulled out of an $800 million, partially constructed training facility over a financial dispute)?
City manager Marcus Jones said Monday he would take a “trust but verify” approach in his dealings with Tepper and TS&E officials on the project.
The Panthers moved into the stadium in 1996 during their second year of existence and lease the land on which it was built for $1 a year. The Jacksonville Jaguars, who joined the NFL the same year as the Panthers, and the city of Jacksonville recently agreed on a $1.4 billion renovation of EverBank Stadium (including $625 million in public money), including a translucent covering expected to lower temperatures by 15 degrees.
But the Panthers like the idea of keeping a skyline view — one of the big draws of nearby Truist Field, home of the Charlotte Knights’ Triple-A baseball team.
The so-called “social patio” at the 500 level would have a great skyline vibe, but also seemingly would cut into Bank of America Stadium capacity. pic.twitter.com/l8jdWtmSEn
— Joe Person (@josephperson) June 3, 2024
“We have a beautiful, traditional stadium that has been a beloved landmark in Uptown for nearly 30 years. One of the best things about Bank of America Stadium is that you are able to see the stunning Charlotte skyline while enjoying the action on the field and pitch,” Panthers spokesperson Bruce Speight said in a statement. “This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades.”
To be clear, the stadium is in need of a facelift. Like anyone or anything entering its fourth decade, things tend to sag and break down in noticeable places. And there’s something to be said for having an open-air stadium in a growing, vibrant Southeast city. Keeping it in downtown Charlotte beats driving to Rock Hill or Kannapolis on Sundays.
But two things that weren’t mentioned in Monday’s rollout would make this stadium renovation much more palatable — a natural grass playing surface and a winning team. It’s time for Tepper to get going on both.
(Photos: Carolina Panthers)
