CHARLOTTE, NC — The Carolina Panthers are staying in Charlotte for the foreseeable future.
The Charlotte City Council voted Monday night to approve an $800 million joint stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.
Under the policy document, the city will pay Panthers owner David Tepper $650 million to renovate Bank of America Stadium in exchange for keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million upfront.
Tepper has already invested more than $117 million in stadium upgrades and has also agreed to another estimated $421 million in potential additional charges for capital improvements over the life of the deal.
The city’s investment will be funded by existing hospitality and tourism tax resources that the state is required to spend on projects to support the city’s tourism economy.
The vote passed by a margin of 7-3.
Tepper issued a statement Monday night thanking the city for its cooperation on the deal.
“For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, most recently, Charlotte FC,” Tepper said. “We are proud to be in the Carolinas and look forward to building a venue that will serve the needs of our community, players and fans for years to come.”
Councilman Malcolm Graham acknowledged that some members of the council had a hard time with Tepper after Tepper’s previous deals for a Panthers practice facility in Rock Hill, South Carolina, and a practice facility for his Major League Soccer team Charlotte FC in Charlotte failed. There were “trust issues”.
But Graham voted yes, saying, “This is a forward-thinking initiative that fits Charlotte’s future.”
Council member Tiawana Brown voted no because of the lack of transparency in the deal and Tepper’s reputation.
“It sounds good until we get Mr. Tepper angry and then he throws something at the city council,” Brown said in reference to Tepper throwing a drink at a fan during a game last year. “The behavior of someone asking for $650 million is ridiculous.”
The Panthers have struggled since Tepper purchased the team in 2018, posting a 31–68 record through six head coaches. A year after making quarterback Bryce Young the No. 1 overall pick, the Panthers finished a league-worst 2-15 last season.
Ultimately, the council did not want to risk potentially losing the Panthers, although Tepper has given no indication that he might consider moving the team to another city.
Former Panthers running back Jonathan Stewart was among those who spoke in favor of renovating the stadium, telling the council to “embrace this opportunity to let the Queen City shine even more than it did in 2015” when the team Went to Super Bowl 50.
The Panthers began playing at Bank of America Stadium in 1996 and it is now considered one of the older stadiums in the league.
However, the Panthers have said that the 72,000-seat stadium has “good bones” and is holding up relatively well, although it needs major renovations to bring it up to par with other stadiums around the league.
When the proposed partnership was announced three weeks ago, it was met with opposition from some residents who believed that Tepper, the NFL’s second-wealthiest owner with an estimated net worth of $20.6 billion, according to Forbes, would be forced to make all the upgrades. Must pay for.
The stadium renovation is expected to be completed by 2029.
Proposed improvements to the stadium include upgraded video and audio systems, modern infrastructure, redesigned concourses, unique social areas with skyline views, and outdoor spaces for community gatherings and programming.
New seating will be provided throughout the stadium and accessibility will be improved throughout the facility, designed and constructed in such a way that individuals with a variety of disabilities can access without barriers.
Toilets will also be upgraded.
The South Lawn Pavilion area will be re-imagined as a community gathering place and outdoor classroom on game days and non-event days.
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