Carolina Panthers’ $650M Renovation Deal Slammed as ‘Worst Economic Development’
A watchdog group slammed Charlotte’s $650 million Bank of America Stadium renovation as 2023’s biggest economic mistake. The Center For Economic Accountability pulled no punches in its harsh assessment. Even though the Panthers managed just five wins all season, city leaders dipped into Charlotte’s tourism and hospitality fund for the massive project. The agreement requires team owner David Tepper to contribute $150 million while handling $421 million in potential additional expenses.
“Today’s vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America Stadium,” said Tepper to Bank of America Stadium.
This makes three strikes for North Carolina’s sports projects. Center president John Mozena dismissed claims about economic benefits, saying that stadiums simply move local entertainment dollars around: They don’t bring in new money. Many residents opposed the plan at public meetings. On the council, Tiawana Brown stuck to her no vote. Her colleague Victoria Watlington supported the deal but pushed for better future negotiations.
Crews will put in new seats, massive screens, and audio systems throughout the venue. The upgrades range from concourse improvements to essential infrastructure repairs. Outside, fans will see new gathering areas and improved accessibility.
By approving the deal, Charlotte keeps the NFL team here until 2045. Tepper’s group says these changes will create billions in local economic impact: a claim that draws doubt from critics.
This controversial choice follows a pattern in North Carolina, where sports funding decisions keep triggering heated debates about practice fields and stadium improvements.
