The ambitious renovation plan aims to keep the Panthers in their current location for the next two decades.

The proposal was unveiled during a recent economic development meeting held by the city council. The renovations are scheduled to take place between 2025 and 2029, pending approval from the council, who will vote on the partnership on June 24.

Under the proposed partnership, Tepper Sports & Entertainment would commit to a 20-year non-relocation agreement for the Panthers. However, after 15 years, there is an option for the team to move, with the condition that Tepper Sports & Entertainment pays off the remaining five years of the debt.

Bank of America Stadium, which was completed in 1996 and funded through the sale of permanent seat licenses, is set to undergo its first major renovation since its construction. In addition to the city's contribution, Tepper Sports & Entertainment plans to invest over $688 million towards the project. This includes all the funds that owner David Tepper and his company have invested in the team since acquiring it in 2018 for $2.275 billion.

With this partnership, the investment in the stadium renovations, including a new practice facility currently in construction, is projected to exceed $1 billion. The proposed renovations also aim to benefit the Charlotte Football Club, which shares the stadium as its home.

The renovation plans for Bank of America Stadium are extensive, with early discussions from Tepper regarding a new stadium or the addition of a retractable roof or dome to host significant sporting events such as Super Bowls and basketball Final Fours.

If approved by the city council, this ambitious renovation project would not only modernize Bank of America Stadium but also secure the long-term presence of the Carolina Panthers in Charlotte for the next two decades. The partnership signifies a significant investment in the city's sports infrastructure and reinforces Charlotte's commitment to maintaining its strong presence in the world of professional football.