The Charlotte City Council approved $650 million in taxpayer money for renovations to the 29-year-old Bank of America Stadium, where the Carolina Panthers play football.
This more than generous surge in public funds, which the Council approved by a 7-3 vote, comes even though Panthers Owner David Tepper is the third wealthiest owner in the league with a reported net worth of $20.6 billion and could have easily funded the renovations himself.
According to the plan, Tepper is to contribute $150 million.
“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,” Tepper said in a statement posted to the team’s X account. “Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city.”
Nearly 30 years and many more to come. pic.twitter.com/9yDiqH8xcV
— Bank of America Stadium (@BofAstadium) June 25, 2024
The renovations are set to begin in 2025 and conclude in 2029. Tepper will cover any additional expenses due to cost overruns.
Given the resistance local communities have had to fund expensive stadium renovations, it’s hard to imagine the people of Charlotte are 70% in favor of the $650 million measure, as the 7-3 would seem to suggest.
Regardless, it’s done. And if the city council members who voted to approve the measure did so against the will of their constituents, the people will have a chance to hold them accountable.
