Charlotte City Council has officially approved the issuance of $650 million in bonds to fund a major renovation of Bank of America Stadium — home to the NFL’s Carolina Panthers and MLS side Charlotte FC.

A long-term commitment to the city

The decision finalizes a 2024 financing agreement and marks one of the largest public–private infrastructure partnerships in the city’s history. Under the deal, Tepper Sports & Entertainment (TSE) — owner of the stadium and both teams — will directly invest $150 million in the project.

When factoring in past and future expenditures, both parties’ total contributions are considered comparable: $650 million from the city and $688 million from TSE. Construction is expected to begin in 2026 and continue through 2030, with the stadium remaining operational for Panthers and Charlotte FC games throughout the process.

The agreement also includes a 20-year non-relocation clause, guaranteeing that both teams will remain in Charlotte at least until 2045. In addition, TSE has committed over $400 million in future maintenance costs between 2030 and 2045.

Opened in 1996, Bank of America Stadium is among the oldest venues in the NFL. The modernization aims to upgrade the facility’s infrastructure and improve comfort for both fans and players. The first phase will focus on replacing and modernizing technical systems — electrical, plumbing, ventilation, and air conditioning. Later stages will include new audio-visual systems, scoreboards, lighting, upgraded seating, expanded concourses and concessions, improved signage, and a new upper-deck fan zone. Plans also call for exterior video screens and a public plaza next to the stadium.

© Carolina Panthers

Contractors and designers

The project will be led by a joint venture between Clark Construction Group and Charlotte-based D.A. Everett Construction Group — firms with experience in major sports infrastructure. The design work is being handled by architecture firm HOK, which also designed the original stadium in the 1990s.

Project management will be overseen by CAA Icon, which operates an office in Charlotte and has a strong track record in sports and entertainment developments. Community engagement and small-business outreach will be coordinated by Lil Associates II.

The city has set inclusion goals requiring that 27% of construction work be completed by small businesses owned by minorities and women (15% minority-owned, 12% women-owned).

© Carolina Panthers

Stadium to remain open during renovation

Throughout the renovation, Bank of America Stadium will continue to host all Panthers and Charlotte FC home games. However, the number of concerts and other large events may be reduced to accommodate off-season construction.

Once complete, the upgraded Bank of America Stadium is expected to become one of the most modern and versatile venues in the NFL — further strengthening Charlotte’s position as a regional hub for sports and entertainment.