CHARLOTTE, N.C. — Charlotte is ready for major renovations at two of its largest sports venues, but as the Queen City looks to welcome in a new era of entertainment for fans, there are questions about who's paying for those upgrades.
The price to build arenas is rising exponentially and it may not be worth it.
Back in the day, most stadiums were big, generic concrete structures that were built with taxpayer money. Longtime sports fans can easily think back to the days of so-called "multi-purpose" stadiums that hosted baseball and football teams together. These cookie cutter stadiums dominated the sports landscape for years, but that's no longer the case.
Team owners across the country are going in with local governments to help pay for big upgrades, according to the Washington Post. And that includes Charlotte.
The Hornets are working on major renovations at the Spectrum Center and are promising economic growth in Uptown in exchange for about $60 million from the city. The plans include a redeveloped transportation center, complete with lots of new shops and restaurants.
Meanwhile, talks continue about renovating Bank of America Stadium. Despite opening in 1996, there are just seven NFL stadiums that are older than the Panthers' home. The stadium has seen several renovation projects to keep it modern, most recently when David Tepper made changes for Charlotte FC.
And while discussions are being had about investing in the facility, research says sports stadium investments rarely generate the kind of economic impact they promise to the public, leaving fans and taxpayers alike weary about footing the bill for those upgrades.
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