CHARLOTTE, N.C. — The state has started keeping a running tab on Charlotte’s $650 million share of the Bank of America Stadium overhaul, and the first look shows only a small slice of that public money has gone out the door.
North Carolina’s Office of the State Auditor on Wednesday issued the first of a planned series of oversight reports on the city’s stadium commitment. Through August 2026, the city had authorized and funded roughly $3.1 million in project payments. About $2.5 million of that went to construction tied to the Panthers Field House, and roughly $632,000 covered the cost of borrowing, including legal work and financial advisers.
State Auditor Dave Boliek, a first-term Republican, said the reviews are meant to give residents a look at the spending while the work is happening instead of after it wraps up. The report itself says it is informational and is not a full or final audit.
The full renovation of the stadium and related facilities carries a $1.3 billion price tag. Tepper Sports & Entertainment, which owns the Panthers, Charlotte FC and the stadium, pledged $150 million in its deal with the city and announced another $500 million in July 2026. Planned upgrades include a 500-level social patio with views of the city, new scoreboards and video boards, better Wi-Fi and audio, new seats, redone restrooms and a modernized exterior.
Charlotte City Council voted 7-3 to back the public share in June 2024. The city plans to pay off the debt with money from the 3% Mecklenburg County occupancy tax and the 1% prepared food and beverage tax. The deal keeps both teams in Charlotte until 2040.
Payments run through a set chain. Contractors send invoices to CAA ICON, a consulting firm that handles venue projects, and the city reviews them and sends payment through US Bank, the trustee for the construction fund. The project is slated to be finished by the end of 2030.
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