David Tepper has a tough reputation in Charlotte because his Carolina Panthers have performed so poorly on the field.
But influential city leaders are solidly behind the billionaire investor who has arranged a partnership with the city for an $800 million renovation of Bank of America Stadium.
The following executives plan a press conference Wednesday morning to discuss the project, which calls for $650 million from the city and $150 million from Tepper. The city’s share would come from existing hospitality and tourism taxes, which have to be spent on tourist-related projects under state law.
Those attending tomorrow’s press conference include:
- Andrea Smith, retired Bank of America executive who recently became interim CEO of the Charlotte Regional Business Alliance;
- Kieth Cockrell, Bank of America’s Charlotte market president;
- Johnny Harris, a Charlotte developer whose father, Johnny, has been a big city booster for decades;
- Danny Morrison, executive director of the Charlotte Sports Foundation since 2019; and
- Michael Smith, CEO of Charlotte Center City Partners since 2005.
Tepper Sports has said it will spend another $420 million on stadium improvements and maintenance over the next 20 years. The team plans to take out some seats in the upper level, replacing them with space for social gathering.
Tepper Sports owns the Panthers, Charlotte FC soccer team and the stadium. It has spent $117 million since 2018 on improvements, mostly related to preparing the stadium for the Major League Soccer team.
Tepper bought the Panthers from Jerry Richardson for an NFL record $2.275 billion in 2018. Forbes estimated the team’s value was $4.1 billion as of last July, with annual revenue of $530 million and operating income of $72 million. Its value ranked 26th of the NFL’s 31 teams, Forbes estimated.
City officials are expected to vote on June 24 with renovations occurring over the next five years.
