$23.7bn NFL owner immerses himself in city’s culture to inform ‘iconic’ stadium renovation project

When David Tepper purchased the Carolina Panthers in 2018, he didn’t quite have the grasp of the city of Charlotte. In fact, the Pittsburgh native, who once held a five percent stake in the NFL’s Steelers franchise, knew so little that he had a vision very early on that he would one day build a domed stadium for the Panthers to play in. But after eight years getting accustomed to being in the South, and immersing himself into the local community having also delivered the city a Major League Soccer expansion team – Charlotte FC – in 2019, the 69-year-old has admitted that he was wrong. “ I think you have to be in a place a little bit to feel it out ,” he said, via Sports Business Journal. “When I came here, I was talking about dome stadiums . I just don’t understand why we would put a dome here. There’s just no reason for it. It’s great weather most of the time.” $1.3 billion project underway With that in mind, the Panthers announced back in July that their current Bank of America Stadium home would be undergoing a $1.3 billion renovation project instead. This project would see the 75,000-seat stadium receive approximately $800 million in upgrades, with additional money being poured into developing the surrounding area. This includes the development of a 4,400-capacity entertainment venue which is touted to stage between 80-100 events a year. Whilst the project will make Tepper’s eponymous company, Tepper Sports & Entertainment (TSE), significantly more profitable over the years, the billionaire also believes that by combining funds with the city government’s, they can kickstart economic growth to Charlotte too. This is because new, or newly renovated, stadiums, such as L os Angeles ‘ SoFi Stadium, and Allegiant Stadium – home to the Las Vegas Raiders – tend to see a huge boost in revenue. This is derived from bigger, non-sports events being staged there, as well as their facilities attracting more big-money sponsors and more premium hospitality options for game days being available, etc. Over the past two years alone, TSE alone has added 56 new sponsors. From Tepper’s point of view, though, this investment into upgrading the Bank of America Stadium is just another example of his commitment to not just the Panthers and Charlotte FC, but to the city. Having spent $2.28 billion to acquire the Panthers in 2018, Tepper appears to have built up the trust of the local community by self-funding projects, including bringing MLS soccer to the city, as well as programming more concerts. With all that trust in his back pocket, Tepper, who is now worth $23.7 billion per Forbes, now believes it is the time to ask for additional funding through taxpayer money as it will also benefit the entire city economically. “It’s not for me, but it should be for others,” he said. “… Look, if this thing is successful — there’s no reason why it wouldn’t be, because this side of town is very accessible and very friendly for people to come here and with parking and such, especially for that kind of event.” Tepper upped his personal contributions to the project Back in June 2024, Charlotte City Council approved the distribution of $650 million in funding for the stadium from hospitality tax revenue in exchange for a 20-year non-relocation agreement after a 7-3 vote in favor by council members. This also came at a time when Tepper had only pledged $150 million of his own money, though as of July, he has upped his contribution by $500 million. “It’s time right now,” he said. “It’s time for a lot of different reasons, and I actually have a feel for what Charlotte is. “It’s a city that wants change, but it hates change. [The stadium renovation] captures this. It’s a little bit iconic, of what was, but it also has a modern feel.” Unlike other stadium projects around the NFL, the Panthers have the advantage of already being situated within the urban core of the Uptown area of Charlotte, with it within a mile of other sports and entertainment venues. This includes Spectrum Center, which houses NBA team Charlotte Hornets , and Truist Field – the home to Triple-A Minor League Baseball team Charlotte Knights, the NASCAR Hall of Fame, and the Charlotte Convention Center. Although Bank of America Stadium has been a part of the community since 1996, former Panthers owner Jerry Richardson very rarely used the venue for anything other than NFL games. This was something that changed under Tepper, with it now also hosting 17 MLS games a season as well as the growing roster of concerts. “Jerry kept the stadium in great shape and the outside of the stadium in great shape; probably the nicest place downtown to walk around is down here,” Tepper added. “And we kept up what Jerry had. Now, he didn’t want to use the stadium for anything except for football, but we viewed it as a community asset.” The redevelopment project tipped to be completed by 2030. Sign up for talkSPORT Stateside , the YouTube channel dedicated to passionate US Sports fans. Will Gavin, Brian T. Smith, former NFL star Efe Obada and a collection of special guests debate the biggest talking points across the NFL, soccer, NBA and more.