Carolina Panthers receive $125 million from City Council

Al Messerschmidt

The Charlotte City Council voted 7-2 on Monday night to endorse a proposal to give the Carolina Panthers $125 million towards upgrading Bank of America Stadium.

The Carolina Panthers may soon receive $125 million towards upgrading Bank of America Stadium from the city of Charlotte, according to the Charlotte Observer. City Council voted 7-2 during a close session Monday night to endorse the proposal to help significantly offset the cost of stadium renovations, which are projected to exceed $200 million. The council is expected to eventually hold a vote on the proposal in an open session.

Panthers owner Jerry Richardson and president Danny Morrison made a presentation for City Council members before leaving prior to the vote. During the a news conference Tuesday to announce new general manager Dave Gettleman, the team refused to field questions on stadium renovations.

Few details are known as to what the renovations will entail. The team indicated last fall that Richardson would like to add escalators to the stadium's upper bowl and update the video boards. Commissioner Roger Goodell reportedly told City Council that renovations and the addition of more uptown hotels were necessary for the city to host a Super Bowl.

The plan will reportedly be offset by increasing the tax on prepared food and beverages from 1 percent to 2 percent.

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