Two key approvals have paved the way for an $800 million upgrade to Bank of America Stadium in Charlotte, North Carolina, home of the National Football League’s Carolina Panthers and Major League Soccer’s Charlotte FC.
In mid-October, the Charlotte City Council approved the use of debt financed by hospitality and tourism taxes to contribute up to $650 million to the project. Any remaining costs and overruns will be covered by Tepper Sports and Entertainment (TSE), which is owned by hedge fund tycoon David Tepper, along with the two teams. In addition, TSE will invest more than $420 million in anticipated future renovation costs at city-owned facilities.
The same week, NFL owners approved the Panthers’ new 20-year lease at the stadium. A non-relocation agreement ensures the team will remain in Charlotte for the next two decades.
Scheduled to begin in 2026, this estimated five-year construction project aims to extend the life of the 75,000-seat multipurpose facility that originally opened in 1996 and was modified for football games in 2021. Clark Construction and DA Everett Construction Group of Raleigh, North Carolina are collaborating on this project.
Planned improvements include the installation of new upper and lower seats, modernization of the building’s infrastructure systems, new scoreboards, video signage and a state-of-the-art sound system. In addition, the project will improve accessibility for people with disabilities and improve the stadium’s exterior, safety and security systems, including illuminated signage and lighting.
As part of the stadium renovations, local contractors Rodgers Builders and RJ Leeper Construction are building a new indoor practice facility, located on the team’s adjacent practice fields. HOK, the stadium’s original architect, will design the renovation, with CAA Icon representing the owner. TES says it will actively collaborate with the design and construction teams in the construction phase in order to keep the stadium operational and minimize disruption to game day activities. TSE has also committed to aligning its efforts to engage minority and small businesses with the Charlotte Business INClusion program for city contracts.
TSE also has plans to fully finance and build an 89,000 square meter indoor music and events center on a two-acre site adjacent to the stadium. A contractor for the 4,400-seat venue has yet to be announced, but construction is scheduled to begin in 2027. Once completed in 2030, the music center is expected to host up to 100 events each year.
However, while new entertainment projects are springing up next to the stadium, Tepper’s broader track record in the region has been much more complicated. He has had a contentious relationship with the Charlotte area since buying the Carolina Panthers in 2018. That tension grew when he abandoned plans for an $800 million headquarters and practice facility in Rock Hill, SC, even though construction was already underway. The collapse of the project fueled speculation about whether the team might be moved.
Additionally, a 2022 bankruptcy filing by Tepper’s real estate arm resulted in multiple lawsuits and claims involving the city of Rock Hill, York County, and the project’s contractors, which included construction management joint venture Mascaro Construction and Barton Mallow. A subsequent $100 million settlement allocated $60 million to be split among the contractors, while Rock Hill received the 245-acre parcel and partially completed building to the city, and York County received $21 million in compensation for road improvements. The last lawsuit associated with the project, York County’s claim that Rock Hill broke its promise to issue at least $135 million in bonds related to the project, ended earlier this year when a county judge ordered the case closed.
That same year, Tepper Sports & Entertainment as well withdrew from a plan to build a Charlotte FC youth academy at the Eastland Mall redevelopment site. While the soccer academy was abandoned, the broader public-private redevelopment has continued, with city officials advancing plans for a sports complex and indoor recreation facility at the site.
