CHARLOTTE, N.C. -- The Carolina Panthers are staying in Charlotte for the foreseeable future.
The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Carolina Panthers that ties the NFL team to the city for the next 20 years.
Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.
Tepper has already invested more than $117 million in stadium upgrades, and also agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.