The Charlotte City Council held a public hearing Monday afternoon on a plan to spend $650 million to renovate and improve Bank of America Stadium for the Carolina Panthers and Charlotte FC.
While most people who responded to an online survey were against the plan, almost all of the speakers at Monday’s in-person meeting supported it.
Business owners and uptown boosters, such as Joe Bost with the Charlotte Business Alliance, urged council members to approve the deal, which would keep the Carolina Panthers and Charlotte FC in the city for at least 15 years.
“This public-private investment is a strategic move to modernize and advance one of our foundational public hospitality assets,” Bost said. “An upgraded Bank of America Stadium is a vital ingredient in any economic development formula, and the CLT alliance appreciates the public and private momentum in advancing this investment."
But Charlottean Bobby Lord said the deal was tilted too far in the favor of Tepper Sports and Entertainment, which owns the stadium.
“The city does not receive an ownership interest in the building,” Lord said. “The city does not receive any portion of ticket revenue from games or concerts. We don’t even have access to the park-like atmosphere we are building outside the stadium.”
Tepper Sports will spend $150 million on improvements. It also says it will spend another $430 million from 2029 to 2039.
Council members are scheduled to vote on the deal on June 24.
