The Carolina Panthers are committed to staying in Charlotte for at least the next two decades.
The Charlotte City Council voted 7-3 to approve an $800 million stadium renovation plan for Panthers' Bank of America Stadium, ensuring the NFL team's presence in the city until 2045.
Under the agreement, the city will contribute $650 million to renovate the 75,000-seater venue, with Panthers owner David Tepper covering the remaining $150 million.
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"For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC. We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come," Tepper said in a statement.
MLS team Charlotte FC team also included
The Bank of America Stadium is also home to Tepper's MLS team, Charlotte FC, and the city's agreement allows both teams the option to leave the city after 15 years instead of 20 if all debts are settled.
The 66-year-old Tepper has already spent more than $117 million to stadium upgrades, and he also agreed to cover an additional $421 million for potential overruns in improvements throughout the duration of the agreement.
Public funding for sports stadiums has been a consistent topic of debate among residents and officials across major cities in the country.
Some believe that these funds could be better allocated to city improvements, while teams argue that stadiums are economic drivers.
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