Charlotte, NC (Sports Network) - The Carolina Panthers and the city of Charlotte reached a tentative agreement which will keep the team in the Queen City for at least the next 15 years, Charlotte mayor Anthony Foxx announced Friday.
The city of Charlotte is expected to give the organization $143.75 million from a 1 percent food and beverage tax increase, which will be paid out over the next 15 years. According to the Charlotte Observer, the team will be required to stay put in the city during that time, thus closing the rumor of the club becoming a potential target for a team in Los Angeles.
The Panthers have been trying to upgrade Bank of America Stadium at an estimated coast of $250 million, while deal could also include $62.5 million from the state, if it becomes finalized.
"Our biggest problem is poaching," Foxx told the Charlotte Observer on Thursday. "There are cities without teams who are building stadiums."
Charlotte city council, team officials and Panthers owner Jerry Richardson, met on Friday before announcing future plans.