North Carolina’s State Auditor’s Office will oversee $650 million in public funds for Charlotte’s Bank of America Stadium renovations.
CHARLOTTE, N.C. β North Carolina’s State Auditor’s Office will provide financial oversight of $650 million in public funds being committed by the City of Charlotte toward renovations at Bank of America Stadium, officials announced after a unanimous vote by the state’s Local Government Commission.
The North Carolina Local Government Commission voted unanimously to approve Charlotte’s request to issue $650 million in Special Obligation Bond Anticipation Notes to fund the stadium upgrades. State Auditor Dave Boliek voted in favor of the request, citing the city’s triple-A bond rating and staff verification that the city can meet its payment obligations.
Boliek said the scale of the public investment made oversight essential. “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,” he said. “Through this innovative effort, our office will bring transparency and accountability to the people of Charlotte on how the public’s money is being spent.”
The State Auditor’s Office said it will work with the City of Charlotte and Tepper Sports and Entertainment to deliver regular updates on the project’s finances.
The $650 million in city funding was made possible by the Mecklenburg Meals Tax Sunset Extension, passed by the North Carolina General Assembly and signed into law in October 2023. The Charlotte City Council approved the spending terms in a 7-3 vote in 2024.
The city’s contribution is one half of a $1.3 billion renovation effort. Tepper Sports and Entertainment, which has owned and operated Bank of America Stadium since 2018, is matching the public investment with just over $668 million of its own funds. The Charlotte City Council approved a rezoning petition in April 2025 clearing the final regulatory hurdle before construction could begin.
Planned renovations include exterior LED screens, upgraded seating, modernized restrooms, enhanced sound and video systems, a skyline viewing patio, solar panels, and a new HVAC system. The project will be completed in phases over five to six years so the stadium can remain open during construction.
As part of the agreement, Tepper Sports and Entertainment has committed to a non-relocation agreement keeping the Carolina Panthers and Charlotte FC in the city through April 1, 2046.
Bank of America Stadium hosts approximately 40 major events annually, along with 80 to 100 corporate and community events, drawing visitors from all 50 states and more than 75 countries.