Tepper gives BOA stadium renovations $500M boost. Why Charlotte won’t pay more
The city played no role in Tepper Sports and Entertainment’s decision to more than quadruple its investment in the Bank of America Stadium renovations, according to statements from both the city and the company.
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A split City Council voted in 2024 to invest $650 million in public money to update the stadium, which is owned by TSE and home to the Carolina Panthers and Charlotte FC. TSE planned to spend a minimum of $150 million on immediate renovations but leave the door open to additional spending as the project progressed.
On Thursday, Tepper Sports announced it increased its private investment to $650 million, matching the city’s contribution and bringing the total cost to approximately $1.3 billion. Charlotte will not increase its previously agreed upon dollar commitment.
The extra money is not a result of price increases or expenses running higher than projected, the company said. The initial City Council-approved deal identified wants and needs for the 30-year-old facility, and Tepper Sports is choosing to complete all of them.
“As we went through the design process, we decided to take a more comprehensive approach to the renovation, investing in improvements that touch virtually every part of Bank of America Stadium because it was the right thing to do for our fans, the city, and the broader community,” an official with TSE said in a statement.
Renovations will add new indoor and outdoor gathering spaces on each level, a 500-level social patio with views of uptown, “larger and more dynamic” scoreboards, new seats and padded club seats and tech and audio upgrades. There will be more retail and food options, too, and increased bathroom capacity.
The stadium’s exterior will also undergo upgrades, including “a signature illuminated crown for the Queen City skyline.”
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The city will pay for its side of the investment using debt it takes on and repays with hospitality tax revenue. Hospitality dollars come from a 1% sales tax on prepared food and beverages and a 3% hotel occupancy tax, and they must be spent on tourism-related projects.
“The city’s contribution was fixed at $650 million, but neither the city nor TSE said TSE couldn’t or wouldn’t invest more later,” Charlotte spokesperson Jack VanderToll said in a written statement.
City Councilman Malcolm Graham, whose district houses the stadium, told The Charlotte Observer TSE’s extra contribution is “huge news” for travel and tourism in Charlotte. An enhanced facility will translate into more economic opportunities for small business owners and workers, he said.
Mayor Robert Harrington thanked TSE for its partnership and praised the stadium as a “premier destination.”
“It remains one of our city’s crown jewels as an important public asset supporting thousands of local jobs, strengthening our economy, and serving as a cornerstone of the Charlotte community that brings people to Charlotte and brings Charlotteans together,” Harrington said in a written statement. “This work is an investment in Charlotte’s future – preserving an iconic venue, enhancing the fan experience, and ensuring Bank of America Stadium continues to create unforgettable memories while giving visitors countless reasons to return to our city for years to come.
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Alex Zietlow contributed to this report.
