CHARLOTTE, N.C. — The Carolina Panthers plan to stay in Charlotte for the time being.
The Charlotte City Council on Monday night approved a joint $800 million stadium renovation plan with the Carolina Panthers that will tie the NFL team to the city for the next 20 years.
According to the policy document, the city would pay $650 million for renovations to Bank of America Stadium in exchange for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper would pay the remaining $150 million up front.
Tepper has already invested more than $117 million in stadium renovations and has agreed to spend another $421 million in capital improvement overruns over the life of the contract.
The city’s investment will be funded from existing hospitality and tourism tax revenues, which are required by the state to be spent on projects that support the city’s tourism economy.
The vote passed by a margin of 7 to 3.
Mayor Tepper released a statement Monday night thanking the city for its cooperation on the deal.
“Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC for nearly 30 years,” Tepper said. “We are proud to be located in the Carolinas and look forward to providing a venue that will meet the needs of our community, players and fans for many years to come.”
City Councilman Malcolm Graham acknowledged that some council members had “trust issues” with Tepper after his previous deals for the Panthers’ training facility in Rock Hill, South Carolina, and for Major League Soccer team Charlotte FC’s training facility in Charlotte fell apart.
But Graham voted in favor, saying “this is a positive initiative that aligns with Charlotte’s future.”
City Councilman Tiawana Brown voted against the deal, citing a lack of transparency in the deal and Tepper’s reputation.
“That’s all really nice until you piss Mr. Tepper off, and then he might throw something at the city council,” Brown said, referring to an incident last year in which Mr. Tepper threw a drink at a fan during an away game. “The $650 million demand is ridiculous.”
The Panthers have struggled, going 31-68 and undergoing six head coaching changes since Tepper bought the team in 2018. The Panthers finished with a league-worst 2-15 record last season, a year after drafting quarterback Bryce Young with the first overall pick.
Ultimately, the city council didn’t want to risk losing the Panthers, but Tepper hasn’t indicated he would consider relocating the team to another city.
Former Panthers running back Jonathan Stewart was also one of the speakers in favor of renovating the stadium, telling the City Council, “Let’s seize this opportunity to make the Queen City even more beautiful than it was in 2015 when the team played in Super Bowl 50.”
The Panthers began playing at Bank of America Stadium in 1996, and it is now considered one of the oldest stadiums in the league.
But the Panthers say the 72,000-seat stadium “has good bones” and still needs extensive renovations to bring it on par with other stadiums in the league.
When the proposed deal was announced three weeks ago, it drew opposition from some residents who felt that Tepper, the NFL’s second-richest owner with a net worth of $20.6 billion, according to Forbes magazine, should foot the entire cost of renovations.
The stadium renovation is scheduled to be completed by 2029.
Planned improvements to the stadium include upgraded video and audio systems, infrastructure modernization, redesigned concourses, unique social areas with skyline views and outdoor spaces for community gatherings and programs.
New seating will be installed throughout the stadium bowl and the entire facility will be improved in accessibility, designed and constructed to allow barrier-free access for people with a range of disabilities.
The toilets will also be renovated.
The grassy pavilion area on the south side will be redeveloped as a community gathering place and outdoor classroom on non-match and non-event days.
