Charlotte City Council to grant $87.5 million for stadium renovation
Members of the Charlotte City Council have approved funds worth $87.5 million to renovate the 17 year-old Bank of America Stadium in North Carolina.
The stadium was considered middle-aged by NFL standards. The first phase of the improvements will include escalators to take fans to the upper deck. The Panthers will also install new video boards and improve the sound system.
Improvements to club seats and suites have been excluded from the original plan. Also, there will be no funding for a new practice facility or larger entry gates and ticket office.
The deal with the Charlotte City Council commits the Carolina Panthers team to stay in Charlotte for at least six years, although the city leaders say there is an additional clause that will allow the team to stay for at least 10 years.
The initial plan called for a renovation fund of approximately $250 million.
