Initial Report on Bank of America Stadium Renovations Released by NC State Auditor

CHARLOTTE, N.C. – An initial report has been released by the North Carolina State Auditor’s office, detailing Charlotte’s financial commitment of $650 million for the Bank of America Stadium renovations. According to State Auditor Dave Boliek, this report introduces a continuous oversight method for major public-private partnerships.

The total cost of the renovation project stands at $1.3 billion, shared equally by the city and Tepper Sports and Entertainment. So far, records indicate that $3.1 million has been allocated, which includes $2.5 million for construction on the Panthers Field House and over $630,000 in debt financing fees. Boliek emphasized the significance of understanding the use of taxpayer funds, likening bond issuance to using a credit card. He announced that the state would provide spending updates on a quarterly basis moving forward.