Carolina Panthers stadium renovation

[mikecubs]

Panthers seek $650M from Charlotte for stadium renovations

Tepper Sports & Entertainment and the city of Charlotte announced Monday a proposed partnership that would have the city contribute $650 million for renovations to Bank of America Stadium and keep the Carolina Panthers in their current location for the next 20 years.

The proposal for the long-term partnership took place during the city council's economic development meeting outlining renovations that would take place between 2025 and 2029. The city council is expected to vote whether to approve the partnership on June 24.

Tepper Sports & Entertainment would have a 20-year non-relocation agreement for the Panthers under the proposal. But there is an out after 15 years that would require Tepper Sports & Entertainment to pay off the remaining five years of the debt if the team moved.


This would be the first major renovation since the stadium was completed in 1996 and paid for by sale of permanent seat licenses.

The city's contribution would come from hospitality tax revenue as it relates to tourism-related projects by law. The contribution will not require any increased or new taxes.

An additional $688 million-plus would come from Tepper Sports & Entertainment, according to the release. This includes all money owner David Tepper and his company have invested since Tepper purchased the team in 2018 for $2.275 billion.

This would bring the total investment in renovations, including a new practice facility that currently is under construction, to more than $1 billion.

Renovations to the stadium, which also is the home of the Charlotte Football Club, are to include:

Brand-new seats installed throughout the bowl.

Improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.

Stadium safety and security enhancements, including illuminated wayfinding and improved lighting.

A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days.

Upgraded restrooms throughout the stadium for better sustainability, accessibility and speed of service.

Enhancements to the stadium exterior to reaffirm its place as an iconic, beloved fixture of the Charlotte skyline.

Early in Tepper's ownership he talked about purchasing land to build a new stadium. He then talked about refurbishing Bank of America Stadium with a retractable roof or a dome that could host Super Bowls and basketball Final Fours.

www.espn.com/nfl/story/_/id/40270448/panthers-seek-650m-charlotte-stadium-renovations

pics

[ekjet72]

Mike the first paragraph sounds like an extortion attempt. Help us fund the stadium reno or else. And it worked. What was the on the ground reaction by the citizens?

[2b9]

Jun 4, 2024 5:19:27 GMT -6 mikecubs said:

Panthers seek $650M from Charlotte for stadium renovations

Tepper Sports & Entertainment and the city of Charlotte announced Monday a proposed partnership that would have the city contribute $650 million for renovations to Bank of America Stadium and keep the Carolina Panthers in their current location for the next 20 years.

The proposal for the long-term partnership took place during the city council's economic development meeting outlining renovations that would take place between 2025 and 2029. The city council is expected to vote whether to approve the partnership on June 24.

Tepper Sports & Entertainment would have a 20-year non-relocation agreement for the Panthers under the proposal. But there is an out after 15 years that would require Tepper Sports & Entertainment to pay off the remaining five years of the debt if the team moved.


This would be the first major renovation since the stadium was completed in 1996 and paid for by sale of permanent seat licenses.

The city's contribution would come from hospitality tax revenue as it relates to tourism-related projects by law. The contribution will not require any increased or new taxes.

An additional $688 million-plus would come from Tepper Sports & Entertainment, according to the release. This includes all money owner David Tepper and his company have invested since Tepper purchased the team in 2018 for $2.275 billion.

This would bring the total investment in renovations, including a new practice facility that currently is under construction, to more than $1 billion.

Renovations to the stadium, which also is the home of the Charlotte Football Club, are to include:

Brand-new seats installed throughout the bowl.

Improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.

Stadium safety and security enhancements, including illuminated wayfinding and improved lighting.

A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days.

Upgraded restrooms throughout the stadium for better sustainability, accessibility and speed of service.

Enhancements to the stadium exterior to reaffirm its place as an iconic, beloved fixture of the Charlotte skyline.

Early in Tepper's ownership he talked about purchasing land to build a new stadium. He then talked about refurbishing Bank of America Stadium with a retractable roof or a dome that could host Super Bowls and basketball Final Fours.

www.espn.com/nfl/story/_/id/40270448/panthers-seek-650m-charlotte-stadium-renovations

pics

Looks nice.

Cheers,

2b9😉😃👍

[mikecubs]

Charlotte City Council OK's Panthers stadium renovation plan

The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper already has invested more than $117 million in stadium upgrades and also has agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.

The vote passed by a 7-3 margin.

Tepper released a statement Monday night thanking the city for its collaboration on the deal.

"For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC," Tepper said. "We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come."

Councilman Malcolm Graham acknowledged that some members of the council had "trust issues" with Tepper after his previous deals for a Panthers practice facility in Rock Hill, South Carolina, and a practice facility for his Major League Soccer team Charlotte FC in Charlotte fell through.

But Graham voted yes, saying "it is a forward-thinking initiative that aligns with Charlotte's future."

Councilmember Tiawana Brown voted no because of a lack of transparency on the deal and Tepper's reputation.

"It sounds real good until we get Mr. Tepper angry and then he might throw something at the city council," Brown said, a reference to Tepper throwing a drink on a fan during an away game last year. "The behavior of someone asking for $650 million is ridiculous."

The Panthers have struggled since Tepper purchased the team in 2018, compiling a 31-68 record while going through six head coaches. The Panthers finished a league-worst 2-15 last season, one year after drafting quarterback Bryce Young with the No. 1 pick.

In the end, the council did not want to risk potentially losing the Panthers, although Tepper has given no indication he might considering moving the team to another city.

Former Panthers running back Jonathan Stewart was among those who spoke in favor of the stadium renovations, telling the council, "embrace this opportunity to let the Queen City shine brighter even more so than it did in 2015," when the team went to Super Bowl 50.


Under the policy document, the city of Charlotte will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team there through 2045. Tepper will pay the remaining $150 million up front. Griffin Zetterberg/USA TODAY Sports
The Panthers opened play at Bank of America Stadium in 1996, and it is now considered one of the older stadiums in the league.

However, the Panthers have said the 72,000-seat stadium has "good bones" and is holding up relatively well, although it remains in need of major renovations to bring it up to par with other stadiums around the league.


When the proposed partnership was announced three weeks ago, it was met with resistance from some residents who believe Tepper -- the NFL's second-wealthiest owner, with an estimated worth of $20.6 billion, according to Forbes -- should pay for all of the upgrades.

The stadium renovations are expected to be completed by 2029.

Among the improvements slated are upgraded video and audio systems, modernized infrastructure, redesigned concourses, unique social areas with skyline views and exterior spaces for community gatherings and programming.

There will be new seating installed throughout the bowl of the stadium, and there will be improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.

Restrooms also will be upgraded.

The south lawn pavilion area would be reimagined as a community gathering spot and outdoor classroom on game days and nonevent days.

www.espn.com/nfl/story/_/id/40425682/charlotte-city-council-approves-carolina-panthers-stadium-renovation-plan

[2b9]

Jun 25, 2024 5:30:05 GMT -6 mikecubs said:

Charlotte City Council OK's Panthers stadium renovation plan

The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper already has invested more than $117 million in stadium upgrades and also has agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.

The vote passed by a 7-3 margin.

Tepper released a statement Monday night thanking the city for its collaboration on the deal.

"For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC," Tepper said. "We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come."

Councilman Malcolm Graham acknowledged that some members of the council had "trust issues" with Tepper after his previous deals for a Panthers practice facility in Rock Hill, South Carolina, and a practice facility for his Major League Soccer team Charlotte FC in Charlotte fell through.

But Graham voted yes, saying "it is a forward-thinking initiative that aligns with Charlotte's future."

Councilmember Tiawana Brown voted no because of a lack of transparency on the deal and Tepper's reputation.

"It sounds real good until we get Mr. Tepper angry and then he might throw something at the city council," Brown said, a reference to Tepper throwing a drink on a fan during an away game last year. "The behavior of someone asking for $650 million is ridiculous."

The Panthers have struggled since Tepper purchased the team in 2018, compiling a 31-68 record while going through six head coaches. The Panthers finished a league-worst 2-15 last season, one year after drafting quarterback Bryce Young with the No. 1 pick.

In the end, the council did not want to risk potentially losing the Panthers, although Tepper has given no indication he might considering moving the team to another city.

Former Panthers running back Jonathan Stewart was among those who spoke in favor of the stadium renovations, telling the council, "embrace this opportunity to let the Queen City shine brighter even more so than it did in 2015," when the team went to Super Bowl 50.


Under the policy document, the city of Charlotte will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team there through 2045. Tepper will pay the remaining $150 million up front. Griffin Zetterberg/USA TODAY Sports
The Panthers opened play at Bank of America Stadium in 1996, and it is now considered one of the older stadiums in the league.

However, the Panthers have said the 72,000-seat stadium has "good bones" and is holding up relatively well, although it remains in need of major renovations to bring it up to par with other stadiums around the league.


When the proposed partnership was announced three weeks ago, it was met with resistance from some residents who believe Tepper -- the NFL's second-wealthiest owner, with an estimated worth of $20.6 billion, according to Forbes -- should pay for all of the upgrades.

The stadium renovations are expected to be completed by 2029.

Among the improvements slated are upgraded video and audio systems, modernized infrastructure, redesigned concourses, unique social areas with skyline views and exterior spaces for community gatherings and programming.

There will be new seating installed throughout the bowl of the stadium, and there will be improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.

Restrooms also will be upgraded.

The south lawn pavilion area would be reimagined as a community gathering spot and outdoor classroom on game days and nonevent days.

www.espn.com/nfl/story/_/id/40425682/charlotte-city-council-approves-carolina-panthers-stadium-renovation-plan

Thanks for this👍.

Cheers,

2b9😉😃👍