CHARLOTTE — Bank of America and the Carolina Panthers have extended their naming rights partnership for Bank of America Stadium. This continues one of the NFL’s longest-standing agreements. Tepper Sports & Entertainment announced on Thursday that it will increase private investment to more than $1.3 billion through 2045. The project aims to create a year-round destination, with construction phased to allow continued hosting of Panthers and Charlotte FC matches.
The financial commitment includes $650 million from Tepper Sports & Entertainment, an increase from its original $150 million pledge. The City of Charlotte is also contributing $650 million toward the overall project, which the Charlotte City Council approved in June 2024.
[ READ MORE: Charlotte City Council approves $650 million for Bank of America Stadium renovations ]
David Tepper, owner and chairman of Tepper Sports & Entertainment, emphasized the strength of the partnership with the long-term extension with Bank of America.
“The long-term extension with Bank of America reflects the strength of our partnership and our shared commitment to the Carolinas,” Tepper said in a news release. “For over three decades, Bank of America Stadium has helped create lasting memories for our fans and we’re excited for them to see what’s ahead. 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.”
The project’s expanded scope now includes more concourse upgrades, additional concession stands, locker room and front office updates, new premium and social spaces, a redesigned press box and club level, and private rental makeovers.
Tepper Sports and Entertainment has released renderings of these renovations.
The initial plan, budgeted at $677 million, consists of exterior façade improvements, new seating, replacing all scoreboards, video boards, audio and control room systems, updating locker rooms, refreshing restrooms on all levels and creating a group seating and social area on the upper level, our partners at the Charlotte Business Journal reported.
An indoor practice center, measuring 101,400-square-feet and currently under construction on property neighboring the stadium, is included in the renovation budget. This facility is scheduled to open next year.
An initial renovation phase focusing on back-of-house upgrades, such as electrical, plumbing and HVAC systems, began last month at the stadium. Fan-facing improvements, both inside and outside the stadium, are scheduled to follow between 2027 and 2030.
Bank of America Stadium will continue to host all Panthers and Charlotte FC home games, though the number of concerts and other outside events may be reduced to accelerate construction, CBJ reported.
A new 4,400-capacity indoor music venue is planned at the stadium’s north gate and is visible in the latest renderings. It is projected to open in 2029 or 2030 and will host between 80 to 100 concerts, comedy shows and other events annually.
Tepper Sports and Live Nation Entertainment Inc. are joint investors in this music venue project, though the specific construction cost has not been disclosed by the companies.
Last year, Bank of America Stadium hosted 47 events, including concerts, college football, Savannah Bananas games and NFL and MLS games, CBJ reported. This marks an increase from 15 events in 2018. Renovations aim to position Tepper Sports to attract more events, such as the NFL Draft, the Super Bowl and the 2031 FIFA Women’s World Cup.
The stadium renovation project is scheduled for completion in 2030. The indoor practice center will open next year. The new indoor music venue is expected to open in 2029 or 2030. Fan-facing improvements are planned between 2027 and 2030. The agreement ensures the Carolina Panthers and Charlotte FC will remain in Charlotte through 2045.
CAA Icon is consulting with Tepper Sports on the renovation efforts.
Clark Construction Group and D.A. Everett Construction Group are serving as the lead contractors for the stadium project.
The Charlotte Business Journal contributed to this report.