- Under the finalized deal, the City of Charlotte has agreed to pay $650 million toward Bank of America Stadium upgrades in exchange for the Panthers and Charlotte FC remaining in Charlotte through 2045.
- “If Charlotte is going to continue to pay for the stadium costs, it is high time the team rebrand to the Charlotte Panthers,” said former Charlotte City Council candidate David Merrill.
The Charlotte City Council has voted to approve a joint renovation plan totaling $650 million for Bank of America Stadium with the NFL’s Carolina Panthers. The deal includes an agreement for both the Panthers and Charlotte FC not to relocate for the next 20 years.
Built in 1996, Bank of America stadium is home to the Carolina Panthers and Charlotte FC sports teams, both owned by Tepper Sports and Entertainment (TSE).
The initial proposal for the stadium upgrades was brought forth during a Jobs & Economic Development Council Committee meeting on June 3, where the City of Charlotte staff presented the proposal which included a $650 million dollar capped investment from the city, funds for facility improvements & modernization in 2025-2029, a $688 million dollar Investment from TSE, $150 million in Facility Improvements & Modernization + Cost Overruns in 2025-2029, Estimated $421 million dollar Capital Improvements plus Operations & Maintenance through 2045, and $117 million Facility Improvements completed in 2018-2024.
The total investment for the stadium over a 27-year period is projected to be $1.3 billion.
In a 7-3 vote during the June 24 meeting, the City Council passed the plan. Under the finalized deal, the City of Charlotte has agreed to pay $650 million toward Bank of America Stadium upgrades in exchange for the Panthers and Charlotte FC remaining in Charlotte through 2045.
After the vote, City Council member Tariq Bokhari released a video online of his remarks on the deal with the hopes of educating the public in understanding it and the burden to taxpayers. In a later Facebook post, Bokhari discussed at length the implications of the deal, comparing and contrasting it to the recent $1.4 billion deal reached between the City of Jacksonville and the Jacksonville Jaguars.
Bokhari believes the deal reached between Charlotte and TSE is superior to Jacksonville’s.
“The first, and most simple reason the CLT deal is superior to the JAX deal, is we had significant negotiations to ensure our public investment is one time – and we are not on the hook for maintenance or repairs or cost overruns – giving confidence to taxpayers they know the true cost and commitment they are being signed up for,” Bokhari said. “And yes… the same 30 years that some reporters are out there applauding as a tether cuts the other way too… it keeps JAX taxpayer checkbooks open a lot longer than CLT (5 years < 30 years).”
Panthers owner David Tepper praised the deal and was grateful to work with the city on getting it done.
“For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC,” Tepper said. “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.”
Others, however, are skeptical given the plan’s high cost.
In a statement to Carolina Journal, former Charlotte City Council candidate David Merrill said the Panthers may need a rebrand.
“Through tourism tax revenue, if Charlotte is going to continue to pay for the stadium costs, it is high time the team rebrand to the Charlotte Panthers,” Merrill said.
Commenting to CJ, Charlotte resident Brad Thomas said the deal is financially irresponsible and leaves taxpayers footing the bill.
“Name one thing this city council has done that’s a financially responsible decision with our tax dollars,” said Thomas. “I do think it’s hilariously embarrassing that a stadium with the name of a bank attached to it, and a billionaire, both need taxpayers to bail them out.”