Taxpayers’ cost stays $650M in NFL Panthers’ stadium plans update

Thursday morning’s announcement on the 75,037-seat stadium from the team Tepper bought for a then-record $2.275 billion in 2018 includes “long-term extension” of naming rights to the stadium for Bank of America. Exact dates were not released, and the team said Tepper Sports & Entertainment would increase its financial obligation – including potential overages and ongoing maintenance obligations – in the now $1.3 billion project.

Originally, the plans were for $1.2 billion. The stadium name has been in place since 2004, the longest active for a corporate name on an NFL stadium.

The funds from the city for the renovation come from a 1% prepared food and drink tax in the Charlotte and Mecklenburg County area that was created to pay off bonds on the city’s convention center but also is available to fund renovations at the stadium.

While advocates tout a restaurant tax as a tax on tourism, economists believe that all taxes are similar and impact regular taxpayers since, without the tax capture for the stadium and convention center, that funding would go to the city, state or county general fund.

“Those revenue sources are unconnected to the stadium and have no business being taxed to pay for a private venture that generates revenue for one of wealthiest individuals in town,” Economist J.C. Bradbury of Kennesaw State University in Georgia told The Center Square when the funding was first discussed.

Tepper Sports & Entertainment’s release of imagery and information for the renovations shows open-air gathering areas; social patio overlooking Uptown; larger upgraded videoboards; seating options and hospitality spaces; expanded concessions, retail areas and restrooms; and areas that can flex for events that are not on day of games. A 4,400-seat music venue adjacent to the stadium is also part of the project.

“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," Tepper said in the release.

Tepper is hopeful of luring the Super Bowl, NFL Draft and 2031 Women’s World Cup to the stadium.

In a statement, Mayor Rob Harrington said of the stadium, “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.”

Construction is to be completed in phases, with all done in 2030. Interior work is happening in 2026; fan-facing elements begin in 2027, the Panthers say. Games for the Panthers and MLS Charlotte FC will continue in the stadium throughout the project.

Opening in 1996, the stadium cost of $187 million some 30 years ago was funded without taxpayer money; rather, owner Jerry Richardson and the team’s innovative use of selling permanent seat licenses coupled with private financing paid for the building. Taxpayers in 2013 contributed $87.5 million to a previous renovation.

In addition to the Panthers and Charlotte FC soccer, the stadium has been host to the Atlantic Coast Conference football championship since 2010 and a college football bowl game since 2002. Early-season college football contests featuring teams from the SEC, ACC and North Carolina – often against each other – have also been staples for more than two decades.