The Carolina Panthers are looking for public money to help offset the cost of a proposed $250 million renovation project for Bank of America Stadium. The original construction cost of Bank of America Stadium in 1996 was $190 million and was funded by the sale of Carolina Panthers PSLs (permanent seat licenses). Although the Panthers have made several upgrades to the facility since the original construction, they are now seeking to make a major overhaul to the stadium and would like the public to help defer some of the cost. Jerry Richardson, the owner of the Carolina Panthers, and team President Danny Morrison have already had closed-door meetings with various state officials, including North Carolina Governor Pat McCrory and House Speaker Thom Tillis. Reportedly the Panthers are hoping to get up to $62 million from the North Carolina state coffers, as well as up to $125 million from the city of Charlotte, where the stadium is located.
With the economy still in recovery and the state operating on a restricted budget, the Charlotte City Council is looking at the possibility of raising additional revenue by increasing the prepared food and beverage tax from 1% to 2%. Although Bank of America Stadium is less than two decades old, many comparable stadiums used by other NFL teams have already undergone major renovations that cost more than the Panthers proposed $250 million renovation project. There is also the heartbreaking, but hopefully remote possibilty, that the Panthers could move their franchise to another city if their request for public assistance is denied. However, since the Panthers were the first NFL team to finance their stadium construction with fan-purchased PSLs, they are likely to continue to get strong public support from the Charlotte community, even if it means a spending a little extra money on food and beverages. Can't wait to see the Carolina Panthers play their next game in the newly-renovated Bank of America Stadium? Get ready for the the next season of Panthers football action with your very own Carolina Panthers season tickets!