Panthers President Danny Morrison (far right) speaks a committee of the Charlotte City Councilman. City attorney Bob Hagemann (center) and Deputy City Manager Ron Kimble (left) negotiated the deal to invest $87.5 million in taxpayer money for Bank of America stadium renovations.
The Panthers have agreed to scale back their stadium renovation plans in order to cut a deal with the city that would pump $87.5 million toward the project. In exchange, Charlotte would be guaranteed to keep the NFL team for at least six years.
The Charlotte City Council this afternoon reached a tentative deal with the Carolina Panthers to spend $143 million on improvements at Bank of America Stadium. In exchange, the Panthers agree to stay in Charlotte for at least 15 years. Without this deal, City Attorney Bob Hagemann says the city could lose the team at any time.
The Charlotte City Council met Monday night behind closed doors with Panthers president Danny Morrison and owner Jerry Richardson. The team is seeking public support for renovation of their 16-year-old stadium. But, Panthers officials won’t talk about it, the mayor won’t talk about it, and (only) a limited number of staff have been let in on it.
