RALEIGH – North Carolina’s state auditor has issued the first report tracking Charlotte’s public financing commitment for Bank of America Stadium renovations, documenting about $3.1 million in project-related payments authorized and funded through August.
The Oct. 28 report separates approximately $2.5 million in construction payments from $632,000 in debt-financing costs. It describes an initial stage of a project expected to be completed in 2030, not expenditure of the entire public commitment.
Charlotte approved up to $650 million for improvements to the stadium and related facilities in June 2024. The Local Government Commission unanimously approved the city’s financing request in April 2026, according to the report.
The city plans to repay project debt with Mecklenburg County occupancy-tax and prepared-food-and-beverage-tax revenue. Those financing arrangements place the project within the state auditor’s oversight of public borrowing and spending.
The report says the construction-related payments funded ongoing work on the Panthers Field House. Major spending categories included the building’s structure and exterior, mechanical and electrical work, construction management, site infrastructure, and professional services.
The auditor’s announcement puts the overall renovation cost at $1.3 billion. That includes the city’s public financing, a $150 million commitment by Tepper Sports & Entertainment under its agreement with Charlotte, and another $500 million the company announced it would invest.
Axios Charlotte also reported the release of the first installment in the auditor’s planned oversight series.
The distinction between an overview and an audit matters: the document explicitly says it is an informational report, not an audit or attestation engagement conducted under generally accepted government auditing standards. It does not announce a finding of wrongdoing.
Later reports are expected to examine borrowing, disbursements, construction progress, significant changes and oversight results as financing and construction advance. The initial report says Charlotte and Tepper Sports & Entertainment reviewed it and their feedback was incorporated.
Sources
- State auditor: original financing report
- Axios Charlotte: report coverage
- State auditor: October 28 announcement
Photo Credit: File photograph of Bank of America Stadium, July 31, 2025, by Quintin Soloviev, via Wikimedia Commons; CC BY 4.0. Cropped and resized. Context image, not current renovation work.
Editor’s Note: This article was drafted with the assistance of artificial intelligence and was reviewed and fact-checked by a member of the NC Political News editorial team before publication.