The city of Charlotte’s plan to spend $650 million to renovate Bank of America Stadium is moving forward after receiving state approval.
The state’s Local Government Commission approved the financing plan on Wednesday, April 1. Under the agreement, the Carolina Panthers and Charlotte FC have committed to remain in the city for at least 15 years in exchange for the public funding.
Tepper Sports and Entertainment, which owns both teams, would also contribute an initial $150 million toward the stadium upgrades, with additional investments planned over the next 13 years, through 2039.