Charlotte Approves Bank Of America Stadium Renovations For The Panthers

The city of Charlotte, North Carolina, approved $650 million in renovations for Bank of America Stadium, the 30-year home for the Carolina Panthers, as owner David Tepper put his stamp on the franchise. Charlotte politicians were concerned he could move the NFL and MLS franchises out of North Carolina if this taxpayer money did not change hands. Seven of the ten city council members voted for the proposal.

Afterward, Tepper said, “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. 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.”

The Charlotte Observer reported that along with the deal is a 20-year non-relocation agreement, but it can be amended to 15 years if Tepper pays off the remaining dollar amount from the $650 million left. The financing for the project comes from a hospitality revenue tax. The possible renovations include adding to the stadium’s capacity, revamped restrooms and an outdoor community area with restaurants and other shops.

Those not in favor of the deal pointed to Tepper’s checkered past of leaving business deals early. The 66-year-old is worth over $20 billion and earned his money by creating his own hedge fund. Tepper bought the Panthers and Charlotte FC in 2018 and has been a hands-on owner since his purchase.

This has been an eventful off-season for Tepper. In January, the owner threw his drink at a group of fans in Jacksonville, and four months later, he confronted a restaurant owner with a sign outside disapproving of the Carolina Panthers.

The Panthers were the worst team in the NFL last season but did not own their #1 pick after drafting Bryce Young a season ago and trading up with the Chicago Bears. Young struggled in his rookie season, but the team expects a sophomore jump in his second season.