Amidst declining sports ratings and spending backlash, the North Carolina Office of the State Auditor will provide oversight for planned Bank of America Stadium renovations.
The $650 million subsidy for the privately owned stadium was approved in a 7-3 vote by the Charlotte City Council in 2024. Yesterday, the North Carolina Local Government Commission voted unanimously to approve the city’s financial request.
Part of the iconic Charlotte skyline, the stadium is home to the Carolina Panthers and Charlotte Football Club, and hosts over 40 ticketed events annually. It is owned and operated by Tepper Sports & Entertainment. After undergoing minor work from 2017 to 2024, the stadium will have its first major renovation this year since opening in 1996.
The partnership between Tepper Sports & Entertainment and the City of Charlotte includes an update to the stadium’s seating, restrooms, exterior, and accessibility, among interior improvements. In late February 2026, Tepper Sports & Entertainment unveiled further plans for stadium renovations, including an immersive “Experience Center,” with Lowe’s as the stadium’s official renovation partner.
The major project has faced significant backlash, including earning the 2024, “Worst Economic Development Deal of the Year” award, given annually by the Center for Economic Accountability (CEA) since 2018. Much of the criticism of the deal comes from the lack of transparency and high cost of the project.
The entire cost of the project is around $800 million with city taxpayers funding $650 million. In contrast, the $650 million allocation exceeded the Charlotte city government’s entire FY 2025 General Fund budget for public safety services.
The city’s investment in the project does not require new or increased taxes but will be funded through existing hospitality and tourism tax resources.
State Auditor Dave Boliek addressed the project at a local government commission meeting on Wednesday.
“Under the authority of the state auditor’s office we’re going to provide additional oversight of the expenditure of that $650 million,” Boliek said. “For context, that is the largest expense of public dollars in the history of the state of North Carolina.”
The project comes in the wake of low sports ratings for the metropolitan city. A recent RotoWire study ranked Charlotte as the worst sports city in America. The study called the cities’ two “Big Four” men’s professional sports teams “mediocre” and accrediting it to the lack of post and regular season success. The Panthers have appeared twice in the Superbowl, once in 2004 and again in 2016, but have never brought home the trophy.
The project commits Tepper Sports & Entertainment to a non-relocation agreement with the Carolina Panthers and Charlotte FC through April 1, 2046. The renovation project seeks to secure a position for Charlotte as a premier entertainment destination and boost economic impact.
In 2023, stadium events generated approximately $1.1 billion in economic impact, and the approved renovations are intended to further strengthen Charlotte’s economy, according to a statement by Charlotte FC.
“This is an important project for Charlotte. With $650 million being spent in public funds, it is incumbent on the North Carolina State Auditor’s Office to provide regular financial oversight updates on the Bank of America Stadium upgrades. Through this innovation effort, and as the fiscal watchdog of the State, our office will bring transparency and accountability to the people of Charlotte on how the public’s money is being spent.”
The stadium will remain operational for the duration of construction and the final phase is expected to be completed in 2030, according to a report by Axios.