The Carolina Panthers have reached an agreement with the Charlotte City Council for $250 million in upgrades to Bank of America Stadium that will ensure that the team stays in the city for the next 15 years, city officials told WSOC-TV on Friday.
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The proposal agreement comes shortly after it was first reported that team owner Jerry Richardson and city council were to meet on Friday to discuss the potential upgrades. According to WSOC-TV, the city has agreed to pay $143.75 million for the upgrades, while the team will contribute $96.25 million over the next 15 years. The final hurdle before the proposal is officially approved is that the city and team will request the state of North Carolina to pay $62.5 million.
Bank of America Stadium was originally opened in Sept. 14, 1996 and has served as the only home of the Panthers since their inception in the league. During it's first eight seasons, the stadium was named Ericsson Stadium.
The Charlotte Observer reported earlier on Friday that the upgrades will include new escalators to the upper deck and new video boards.