NFL team unveils $1.3bn renovation as stadium to be transformed into city’s ‘crown jewel’
The Carolina Panthers have unveiled what they envision the Bank of America Stadium renovation project to turn out like.
On Thursday, Tepper Sports & Entertainment (TSE) and the Panthers released new renderings for their upcoming renovation project, set to cost an estimated $800 million.
The total project is expected to eclipse $1.3 billion in total, with the complete owner-elected scope, which includes modifications to the locker room and front office, press box redesign, stadium annex, and additional social spaces, among other things.
Alongside releasing updated imagery, the team announced a long-term extension of their stadium naming rights agreement for Bank of America Stadium, with the relationship between the two entities dating back to the team’s inception in 1995.
“The long-term extension with Bank of America reflects the strength of our partnership and our shared commitment to the Carolinas,” said David Tepper, owner and chairman of Tepper Sports & Entertainment.
“For over three decades, Bank of America Stadium has helped create lasting memories for our fans and we’re excited for them to see what’s ahead.
“Our goal is to create experiences that enhance the passion and energy of the region while transforming this corridor into a weekend destination for world-class sports, entertainment and community events.”
Of course, then-CEO of Bank of America was integral to Carolina securing one of the NFL‘s expansion franchises.
“Over the years, Bank of America’s partnership with the Carolina Panthers has become one of the most enduring in professional sports,” Brian Moynihan, chair and chief executive officer of Bank of America, said.
“With nearly 20,000 teammates and a local history dating back to 1874, our ties to Charlotte run deep, and so does our commitment to its continued growth.
“The extension recognizes Bank of America Stadium’s important role of attracting millions of visitors, driving economic opportunity and showcasing Charlotte and the Carolinas.”
The project is anchored around the intention to make the stadium, built back in 1996, more than just the home of Panthers football, with the renovations also set to benefit MLS outfit Charlotte FC, which is also owned by TSE.
It also plans to serve as a premier destination for live entertainment events, having begun hosting major live events year-round.
In fact, a 4,400-capacity planned entertainment venue has also been announced, and depicted in the latest renderings, which are set to host 80-100 events a year, while also being utilized for enhanced premium hospitality on NFL game days.
As a result, Charlotte City Council members voted 7-3 in favor of contributing the bulk of renovation costs, amounting to an estimated $650 million.
The project was branded ‘Worst Economic Development of the Year by the Center for Economic Accountability in 2024 amid concerns over its returns.
This increased use of the venue will therefore generate additional revenue which will, in turn, boost the Queen City’s economic impact annually.
The agreement to supply the capital came with the expectation that both the Panthers and Charlotte FC would stay put for at least the next two decades.
“The City of Charlotte takes great pride in the future of Bank of America Stadium,” Mayor Rob Harrington said.
“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.
“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.
“We appreciate Tepper Sports & Entertainment’s partnership and commitment to invest in our community and ensuring Bank of America Stadium continues to connect Charlotte to the world as a premier destination for sports and entertainment.”
Interior renovations are expected to commence later on this year, with the fan-facing elements set to get underway in 2027.
The project is expected to be completed by 2030.
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