Carolina Panthers, Charlotte agree on funding deal
By Kareem Copeland
Published: February 8, 2013 at 2:20 PM
Modified: February 8, 2013 at 3:00 PM
The
Carolina Panthers won't be mentioned the next time NFL franchises are rumored to be moving to Los Angeles.
Anthony Foxx, the mayor of Charlotte, N.C., announced a tentative agreement reached Friday in which the city will give the
Panthers $143.75 million from a food and beverage tax increase paid out over the next 15 years. The team is required to remain in the city during that period, the
Charlotte Observer reported.
The
Panthers are looking for cash from the city and state for upgrades to Bank of America Stadium. The deal, if finalized, includes $62.5 million from the state. The city must approve the 1-percent tax increase on food and beverages. The team has plans for $250 million in improvements for the stadium, which opened in 1996.
The announcement came after a meeting between the Charlotte city council,
Panthers owner Jerry Richardson and team officials on Friday.
"Our biggest problem is poaching," Foxx said Thursday. "There are cities without teams who are building stadiums."
Follow Kareem Copeland on Twitter @kareemcopeland.
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