Charlotte City Council OK's Panthers stadium renovation plan - ESPN

CHARLOTTE, N.C. — The Carolina Panthers are staying in Charlotte for the foreseeable future.

The Charlotte City Council voted Monday night to approve a joint $800 million stadium renovation plan with the Carolina Panthers that ties the NFL team to the city for the next 20 years.

Under the policy document, the city will pay $650 million toward the renovation of Bank of America Stadium in return for Panthers owner David Tepper keeping the team in Charlotte through 2045. Tepper will pay the remaining $150 million up front.

Tepper has already invested more than $117 million in stadium upgrades, and also agreed to another estimated $421 million in potential overages for capital improvements over the term of the deal.

The city's investment would be funded by existing hospitality and tourism tax resources, which are required by the state to be spent on projects to support the city's tourism economy.

The vote passed by a 7-3 margin.

Tepper released a statement Monday night thanking the city for its collaboration on the deal.

«For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC,» Tepper said. «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.»

Councilman Malcolm Graham acknowledged that some members of the council had «trust issues» with Tepper after his previous deals for a Panthers practice facility in Rock Hill, South Carolina, and a practice facility for his Major League Soccer team Charlotte FC in Charlotte fell through.

But Graham voted yes, saying «it is a forward thinking initiative that aligns with Charlotte's future.»

Councilmember Tiawana Brown voted no because of a