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City of Charlotte kicks in to ensure Panthers will not move

Beverage and food tax will help raise money Brad Biggs

Print This February 08, 2013, 06:17 PM EST

The Carolina Panthers are not moving anywhere. Not anytime soon.

The club struck a deal with the city of Charlotte that will help pay for upgrades at Bank of America Stadium. According to the Charlotte Observer, the City Council has agreed to give the Panthers $143.75 million over the next 15 years, money that will be raised from a hike in food and beverage taxes. It is an increase of $18 million over a previous proposal.

In exchange, the Panthers cannot relocate elsewhere during those 15 years. The deal would also include $62.5 million from the state of North Carolina

“I never would want our team to move somewhere else,” Panthers owner Jerry Richardson said. “I never said that.”

The Panthers will also be kicking money into upgrades and plan $250 million in renovation to the stadium.

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Brad Biggs covers the Bears for the Chicago Tribune
 

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