Charlotte city council approves $800 million plan with Panthers to renovate Bank of America Stadium

The Charlotte city council has approved a plan to keep the Carolina Panthers in the city for at least the next two decades.

The council approved a joint $800 million plan with the Panthers to renovate Bank of America Stadium and keep the team there until at least 2045. The plan was approved by a 7-3 vote on Monday night.

The city will pay most of the renovation costs under the plan. Panthers owner David Tepper will front $150 million. Tepper, according to The Associated Press, also agreed to pay an estimated $421 million in potential overages for capital improvements.

The city's portion of the deal, which comes to $650 million, will be funded by existing hospitality and tourism tax resources. Tepper, who purchased the team in 2018 for $2.2 billion, is the second-richest owner in the NFL. According to Forbes, he is worth an estimated $20.6 billion.

"For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC," Tepper said in a statement, in part. "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."

Bank of America Stadium opened in 1996, which makes it one of the oldest and most outdated stadiums in the league. It seats about 72,000 fans. The new renovation plan, which is scheduled to be done by 2029, includes upgraded video and audio systems, redesigned concourses, social areas and exterior spaces, new seating throughout the lower bowl, new restrooms and more.

The Panthers have not had a winning season since Tepper took over the franchise, and they’ve gone through seven different head coaches or interim head coaches as they enter what will be just his seventh season with the team this fall. The Panthers went a league-worst 2-15 last year with rookie quarterback Bryce Young — who was the No. 1 overall pick in the 2023 NFL Draft — at the helm. The team split with Frank Reich after just 11 games, and has since hired former Tampa Bay Buccaneers offensive coordinator Dave Canales to replace him.

Outside of both regular NFL and MLS games, Bank of America Stadium also plays host to the Duke’s Mayo Bowl and the ACC championship game each season. It’s also the site of various neutral site college football games each year.