State Auditor to Oversee $650M Bank of America Stadium Renovations

North Carolina Local Government Commission approves Charlotte's bond financing for stadium upgrades.

Apr. 1, 2026 at 7:06pm

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The North Carolina Office of the State Auditor will provide oversight of $650 million in public funds being committed by the City of Charlotte toward improvements and renovations to Bank of America Stadium. The city's financing request was approved by the North Carolina Local Government Commission, which cited Charlotte's strong financial standing and the necessity of the project.

Why it matters

This oversight effort aims to bring transparency and accountability to how the public's money is being spent on the high-profile stadium renovation project, which is seen as crucial for Charlotte to continue hosting major events and driving economic impact for the region.

The details

The $650 million in Special Obligation Bond Anticipation Notes will fund renovations to Bank of America Stadium, home of the Carolina Panthers and Charlotte FC. The city council approved the spending in a 7-3 vote in 2024. The Local Government Commission, which considers a unit's debt management and the necessity of a project, unanimously approved the city's financing request.

  • The North Carolina General Assembly passed and the governor signed the Mecklenburg Meals Tax Sunset Extension on October 25, 2023, enabling the city's financial commitment.
  • The North Carolina Local Government Commission approved the city's $650 million bond financing request this week.

The players

Dave Boliek

The North Carolina State Auditor, who will work with the City of Charlotte and Tepper Sports & Entertainment to provide regular updates and oversight on the stadium renovation project.

Tepper Sports & Entertainment

The owner and operator of Bank of America Stadium since 2018, which has committed to a non-relocation agreement for the Carolina Panthers and Charlotte FC through 2046 as part of the renovation project.

City of Charlotte

The city that is contributing $650 million in public funds toward the Bank of America Stadium renovations, which was approved by the North Carolina Local Government Commission.

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What they’re saying

“This is an important project for Charlotte. With $650 million being spent in public funds, it is incumbent on the North Carolina State Auditor's Office to provide regular financial oversight updates on the Bank of America Stadium upgrades.”

— Dave Boliek, North Carolina State Auditor

What’s next

The State Auditor's Office will work collaboratively with the City of Charlotte and Tepper Sports & Entertainment to deliver regular updates and provide additional transparency and accountability on the project.

The takeaway

This oversight effort by the North Carolina State Auditor's Office aims to ensure transparency and proper use of public funds for the high-profile Bank of America Stadium renovation project, which is seen as crucial for Charlotte to maintain its status as a premier event destination.