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Panthers announce potential $1.3 billion in upgrades to 'decades-old' Bank of America Stadium

CHARLOTTE (QUEEN CITY NEWS) — The Carolina Panthers announced on Monday that Bank of America Stadium could be getting a more than $1.3 billion facelift.

Organizers said the decades-old venue that houses home games for the Panthers, Charlotte FC, and more recently, concerts bringing singers and entertainers, needs to evolve for the future.

Tepper Sports & Entertainment and the City of Charlotte have proposed a partnership for a long-term agreement that would update Bank of America Stadium.

Officials said this renovation will “enhance the fan and player experience, modernize infrastructure, and continue to deliver world-class sports and entertainment to Charlotte and the region for years to come, all while driving billions in economic impact for the city.”

According to the Panthers, the City’s investment does not require any new or increased taxes. It will be funded by existing hospitality and tourism tax resources, which are legally required by the state to be spent on projects to support the city’s tourism economy. The restricted funds cannot be used for other city functions like transit, education, affordable housing, or public safety.

Renovation Details

Officials said the goal is to create an inviting perimeter with a park-like setting and place exterior stadium video boards for watch parties.

The stadium will be looking at a new state-of-the-art sound system, scoreboard, and video boards. Fans will be able to enjoy new, unique social areas with skyline views, improved concessions, and an expanded Team Store. Other elements will include:

Proposed partnership

The renovation would be an ongoing partnership between TSE and the City of Charlotte.

The total investment includes:

  • A fixed investment that won’t exceed $650 million from the City of Charlotte over the term of the deal.

  • A total investment of $688+ million by Tepper Sports & Entertainment, including $117 million that was invested prior to June and an estimated $571 million ($150 million towards the renovation plus potential overages, and an estimated $421 million for capital improvements over the term of the deal).

What’s next?

The Charlotte City Council will be meeting over the next several weeks to discuss the Bank of America Stadium renovation project.

Source: Fox 8 News Channel

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