The Charlotte City Council approved a deal on Monday night that would provide renovations for Spectrum Center, build a new practice facility for the team, and extend the Charlotte Hornets lease with the city to 2045, according to the Charlotte Observer. From the article:
In the deal, $215 million would come from the city’s tourism funds and go to the Spectrum Center’s renovations. The remaining $60 million for the NBA team’s practice facility would come from whoever receives naming rights for the creation of a sports and entertainment district around the Spectrum Center.