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Panthers, Charlotte reach deal for stadium renovation; city to pay $87M

CBSSports.com wire reports
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The Panthers have called Bank of America Stadium home since 1996, a year after they entered the NFL (Getty Images)
The Panthers have called Bank of America Stadium home since 1996, a year after they entered the NFL (Getty Images)

CHARLOTTE, N.C. -- The city of Charlotte and the Carolina Panthers have reached agreement on improvements for the team's stadium.

The plan calls for the city to contribute about $87 million for renovations to Bank of America Stadium in exchange for a six-year deal to keep the Panthers in Charlotte.

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The City Council is expected to vote on the agreement Monday.

The money is less than what the team was seeking for improvements of the stadium, which opened in 1996.

An earlier plan called for a $250 million package, half of which would be paid by the city, which also would pick up maintenance and traffic-control costs. The state and the team would have paid for the rest of the project.

Lawmakers rejected an increase in the prepared food tax to fund it.

Copyright 2014 by STATS LLC and The Associated Press. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.
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